Managem diversifies into gas with purchase of Sound Energy Morocco East Limited

Morocco’s biggest mining company, Managem, bought Sound Energy Morocco East Limited as it seeks to diversify into gas, the company said.

Managem acquired 55% of the Tendrara concession, 47.5% of the Grand Tendrara Permit and 47.5% of Anoual Exploration.

The transaction would help Managem contribute to the development of gas production in the country with the expected start of production in Tendrara gas field in mid-2025 at 100 million cubic meters.

Managem said production would increase to 280 million cubic meters, as part of the second phase of the project that also provides for connecting the field to the Maghreb Europe Gas pipeline.

“Sound Energy Plc selected Managem after an open and competitive process. Sound Energy, which was looking for an investor to finance its development, has found in Managem a solid long-term partner capable of developing and carrying out this project for the benefit of all Moroccan industrialists who will thus benefit from clean and cheaper energy for their activities.” Managem CEO Imad Toumi said.

“Although modest in size, the Tendrara project will contribute positively to the Kingdom’s energy independence and trade balance. In addition, the Group is actively looking for other gas assets in Africa, thus strengthening its diversification strategy and contributing to the energy development of the continent,” he added.