Sound Energy falls on disposal news

AIM-listed upstream gas firm Sound Energy (LON:SOU) has seen its share price drop by 15.77% to 5.77p (as of 12:05 GMT) after it agreed terms to sell a substantial portion of its interest in its Eastern Morocco portfolio. Assuming that due diligence is completed, the buyer will pay a consideration of $112.8 million for 51% of Sound Energy’s share in the portfolio.

Chairman Simon Davies said: “The Proposed Transaction being progressed on an exclusive basis funds development of the Tendrara project, provides early monetisation of a substantial part of our established gas resources and retains upside for our shareholders through both future gas production and further exploration drilling“.