Managem Group, listed on the Casablanca Stock Exchange, announced the acquisition of 100% of the share capital of “Sound Energy Meridja Limited”, a wholly owned subsidiary of Sound Energy PLC, which holds a 20% participating interest in the Tendrara natural gas exploitation concession in eastern Morocco.
In an official statement, the group said the transaction is part of its long-term strategy to invest in low-carbon energy solutions, particularly natural gas, with the aim of strengthening Morocco’s energy sovereignty and enhancing the competitiveness of the national industry.
Managem stated that the acquisition will enable the group to continue developing its gas platform and strengthen its position in energy solutions designed to support Morocco’s industrial growth, amid volatile international energy markets and rising energy import costs.
In this context, the Group’s Chairman and CEO, Imad Toumi, said the transaction would allow Managem to fulfil its commitment to providing Moroccan industrial operators with cleaner and more competitive energy, while reinforcing Morocco’s energy independence and contributing to an improved trade balance.
The Tendrara gas project development plan is structured around two main phases. The first phase involves the establishment of an integrated gas processing, liquefaction and storage facility dedicated to the domestic industrial market. Currently in the commissioning phase, it targets an annual production capacity of 100 million cubic metres of liquefied natural gas, with first production expected by the end of 2026.
The second phase includes the construction of a gas processing facility and the connection of the project to the Maghreb-Europe Gas Pipeline. This phase is currently under feasibility study and targets an annual production capacity of 280 million cubic metres of natural gas.
The group noted that completion of the transaction remains subject to obtaining all required regulatory approvals.
Located in eastern Morocco, the Tendrara concession covers an area of 133.5 square kilometres and was granted for a 25-year period starting in 2018, with estimated reserves of 10.67 billion cubic metres of natural gas.
Following completion of the transaction, Managem Group will hold 75% of the Tendrara concession through its subsidiaries “Mana Energy” and “Sound Energy Meridja Ltd”, while ONHYM will retain the remaining 25%.
“Mana Energy” also owns a broad portfolio of exploration licences in areas surrounding the Tendrara concession, as part of the group’s strategy to expand its energy investments in Morocco.
