Managem Strengthens Its Presence in Natural Gas with the Acquisition of Sound Energy Meridja

7 hours ago

1 minute read

Managem Acquires 100% Stake in Sound Energy Meridja Limited

The Managem Group has announced its acquisition of 100% of the capital of Sound Energy Meridja Limited (SEML), a subsidiary of the British company Sound Energy Plc, which holds a 20% stake in the Tendrara gas concession located in eastern Morocco.

Increased Stake in the Tendrara Project to 75%

With this acquisition, Managem has raised its overall stake in the Tendrara gas project to 75%, through its subsidiaries Mana Energy and SEML. The remaining 25% is still held by the National Office of Hydrocarbons and Mining (ONHYM).

This acquisition aligns with the group’s strategy to strengthen its position in low-carbon energy sources, particularly natural gas, which is viewed as a key driver for Morocco’s energy transition.

A Strategic Project for Energy Supply

The Tendrara exploitation license covers an area of approximately 133.5 km² and is estimated to contain nearly 10.67 billion cubic meters of natural gas. The concession was granted for a period of 25 years starting in 2018.

For Managem, this project represents a strategic asset aimed at supporting national industrial development and enhancing the energy sovereignty of the Kingdom.

Two Planned Development Phases

The development of the project will occur in two phases:

First Phase: Establishment of a treatment, liquefaction, and storage unit for natural gas intended for the local market, with an estimated capacity of 100 million cubic meters per year. Production is expected to commence by the end of 2026.
Second Phase: Creation of an additional unit connected to the Maghreb-Europe gas pipeline, with a targeted capacity of around 280 million cubic meters per year, currently in the study phase.

A Transaction Valued at $57 Million

According to several financial sources, the total value of the transaction is approximately $57 million, which includes the acquisition of shares as well as the repayment of loans granted to SEML by its British parent company.

This operation marks a significant step in Managem’s energy diversification and the development of Morocco’s gas potential.