Norton Rose Fulbright advises Afriquia Gaz on sales and equity subscription agreements with Sound Energy

Global Press release - Business September 2021

Global law firm Norton Rose Fulbright has advised Afriquia Gaz SA, Moroccan leader in LPG distribution, on the signing of a 10-year liquefied natural gas (LNG) supply contract with Sound Energy, as well as a £2m equity subscription agreement with the upstream gas company.

The 10 year LNG sales binding agreement between the two operators covers the delivery from Sound Energy to Afriquia Gaz of a daily quantity of between 475 and 546 cubic meters of LNG from the TE-5 well, located in Tendrara in Morocco.

The transaction also provides for Afriquia Gaz to acquire a stake in Sound Energy for £2m through the issuance of 159.7 million new shares at a unit price of 1.25 pence.

Norton Rose Fulbright's multi-jurisdictional team was led from Paris by partners Anne Lapierre, Global Head of Energy, and Alain Malek, head of the North Africa practice. They were assisted by Godefroy Le Mintier, counsel, and Pierrick Ferrero, associate. The team in London consisted of corporate M&A partner Clementine Hogarth and Sam Morrey, senior associate.

For further information please contact:

Carole Guettier, Senior business development manager, Norton Rose Fulbright LLP
Tél: + 33 (0)1 56 59 52 75
carole.guettier@nortonrosefulbright.com

Charles Billiard, Communication Executive, Norton Rose Fulbright LLP
Tél: + 33 (0)1 56 59 52 96
charles.billiard@nortonrosefulbright.com