Our Journey

March

• LNG storage tank nears completion and installation of LNG cold box undertaken

December

• Completed Sale of Sound Energy Morocco Ltd to Managem SA in Financing Package totalling US$ 45.2 million net to Sound Energy Plc

September

• Successful installation of tubing for long term gas production in TE-6 and TE-7 with Star Valley Rig 101

September

• Successfully completed maintenance of TE6 and TE7 production wells

June

• Settlement of Tax Case
• Award of project Finance
• Tendrara Phase 2 development funding agreed with AttiJariwafa Bank

November

• Progress on Micro LNG Development – construction commences of LNG storage tank

June

• Appointment of Attijariwafa Bank for debt financing for the Tendrara Production Concession

March

• Pipeline tie-in agreement to the Gas Maghreb-Europe pipeline with ONEE of the Phase 2 development of the Tendrara Production Concession

February

• Issue of notice to proceed to Italfluid to construct LNG production plant

November

• Binding gas sales agreement signed with ONEE for Phase 2 Tendrara Development

September

• 12-month extension to initial period of Anoual Exploration Permits granted

August

• Completion of Schlumberger Silk Route Services Limited acquisition

July

• Binding 10-year LNG sales agreement signed with Afriquia Gaz

April

• Bond restructuring proposals accepted

March

• Payment for disposal of Badile land

December

• Phase 1 Development – letter of exclusivity and extension of LNG heads of terms

October

• Extension of Sidi Moktar Onshore Exploration Permits

July

• Renegotiation of terms of Anoual Exploration Permits

June

• LNG heads of terms with Leading Moroccan Energy Group agreed

April

• Binding MOU on Tendrara Gas Sales Agreement reached with ONEE

March

• EIA approval received from the Moroccan Ministry of Finance for gas treatment plant and compression station

February

• Announcement of Micro LNG production plan to accelerate revenue generation from the TE-5 Horst gas discovery

May

• Decision made to undertake a marketing process for the Eastern Moroccan portfolio. Operations have been paused while this marketing process is ongoing
• TE-10 discovery is declared non-commercial post testing

April

• Schlumberger direct equity interest in Anoual Exploration Licence

March

• Increase in the Company’s estimates of minimum GIIP connected to the TE-7 well

January

• Initial results at TE-10, 10.5m net pay identified. Gas bearing sands interpreted in and below structural closure, potential for significant stratigraphically trapped upside volumes.

December

• Spud of TE-10 exploration well on the NE Labkir Prospect

November

• Results of TE-9 drilling show no presence of effective reservoir, but gas shows present

October

• Receipt of Moroccan ministerial approval of the new Grand Tendrara Petroleum Agreement.
• Spud of TE-9 exploration well on the A1 Prospect

September

• Award of Tendrara Production Concession covering the TE-5 Horst gas discovery

August

• New petroleum agreement that unites Tendrara and Matarka permits into the Grand Tendrara permits
• Seismic acquisition programme in Eastern Morocco is completed

June

• Formal farm out process for the Sidi Moktar Onshore Exploration Permits initiated
• Heads of terms signed with a consortium for the front-end engineering and design (FEED), construction and financing of the required infrastructure for a 20 inch pipeline and associated facilities under a ‘build-own-operate-transfer’ (BOOT) structure centre on the TE-5 Horst gas discovery

November

• Completion of aerial gravity gradiometry, magnetic surveying programme

September

• Commenced Tendrara Basin aerial gravity gradiometry, magnetic and seismic surveying programme

June

• Badile Moirago-1 successfully completed
• Start of Sidi Moktar Work Programme with flow test of historically suspended Koba-1

May

• Final TE-8 results and revised estimates for the TE-5 Horst gas discovery

April

• Schlumberger investment into Anoual Exploration Permits for geophysical surveying (including seismic) with gross cost fully carried

March

• Spud of Badile Moirago-1 well in Italy

February

• Spud of TE-8 to further appraise TE-6 and TE-7 and explore the Palaeozoic

January

• Extended well test results of TE-7

December

• Inclusion in MSCI Global Small Cap Index

November

• Successful £26.9 million capital raise
• Successful result of TE-7 at Tendrara (32mmscf/d after clean up)

September

• Inclusion on FTSE AIM UK 50 Index

August

• Successful result of TE-6 (28m net pay, 17mmscf/d on test) and spud of TE-7 (second well in Tendrara Basin, Morocco) on the TE-5 Horst

July

• Farm out of Badile to Schlumberger

April

• Spud of TE-6 (first well in Tendrara Basin, Morocco) on the TE-5 Horst

March

• Introduction of partner to Sidi Moktar

February

• Secured option to acquire Anoual reconnaissance area in Tendrara Basin, Eastern Morocco

January

• Further Sidi Moktar acquisition

December

• Introduction of Schlumberger to Tendrara Basin

October

• Acquisition of Sidi Moktar permits, Western Morocco consolidating our position in country

June

• Memorandum of Understanding (“MOU”) with Schlumberger as strategic partner

May

• Morocco country entry through the onshore gas exploration permits in Tendrara Basin, Eastern Morocco

April

• Secured further funding from Continental Investment Partners

September

• Purchase of the land required for the Badile prospect

July

• First gas on the Casa Tiberi field (Marche Region of Italy)

April

• Introduction of a new Institutional Cornerstone Investor, Continental Investment Partners

• Strategic decision to focus on Mediterranean onshore gas. Acquisition of onshore gas portfolio in central Italy and disposal of Indonesian assets
• Achieved first gas from the onshore Rapagnano field in central Italy.