Sound Energy PLC on Wednesday said it has completed the sale of its Moroccan assets for up to $45.2 million.
Sound Energy is a transition energy-focused company, with gas development projects in Morocco.
Its shares were up 27% at 0.83 pence each in London on Wednesday morning.
The firm’s Moroccan arm Sound Energy Morocco East Ltd was bought by local company Managem SA.
Sound Energy said its subsidiary will continue as the operator of the Tendrara exploitation concession and of the Anoual and Grand Tendrara exploration permits.
Sound Energy will continue to hold 20% of the Tendrara production concession and just under 28% working interests in each of the Anoual and Grand Tendrara exploration permits.
The firm secured approval for the sale from the Moroccan government back in October.
Sound Energy Executive Chair Graham Lyon said: ‘This is a transformative transaction for Sound Energy, unlocking significant value and we look forward to the new chapter of Tendrara development and exploration activity in Morocco.’
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