SOUND ENERGY PLC

Interim / Quarterly Report • Sep 11, 2020

National Storage Mechanism | Additional information

RNS Number : 6784Y

Sound Energy PLC

11 September 2020

11 September 2020

SOUND ENERGY PLC

("Sound Energy", the "Company" or the "Group")

HALF YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2020

Sound Energy, the Moroccan focused upstream oil and gas company, announces its unaudited half-year report for the six months ended 30 June 2020.

OPERATIONAL AND CORPORATE HIGHLIGHTS

·      Liquefied Natural Gas (''LNG'') Heads of Terms signed with a leading Moroccan Energy Group

·      Environmental Impact Assessment ("EIA") approvals for 120-kilometre, 20-inch pipeline and gas treatment plant/compression station received in January 2020 and March 2020 respectively

·      Successful renegotiation of the terms of the Anoual exploration permit in July 2020

FINANCIAL SUMMARY

·      Structural reduction in administrative expenses by 57% compared with H1 2019

·      Total Cash balances as at 30 June 2020 of £4.2 million

·      Equity placing to raise gross proceeds of £1.5 million at 2 pence per ordinary share announced in December 2019 and completed in January 2020

·      Equity placing post period end to successfully raise additional £3.2 million after costs at 2.125 pence per ordinary share in August 2020

·      Continued focus on disciplined cost and cash management

Enquiries:

Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon	Tel: 44 (0)20 7390 0230
Sound Energy Graham Lyon, Executive Chairman	questions@soundenergyplc.com
Cenkos Securities - Nominated Adviser Ben Jeynes  Russell Cook	Tel: 44 (0)20 7397 8900
Turner Pope Investments (TPI) Ltd - Broker Andy Thacker	Tel: 44 (0)20 3657 0050

Statement from the Executive Chairman

Despite the challenging business environment brought on by the Covid-19 global pandemic and exacerbated in the oil and gas sector by a dispute between Russia and Saudi Arabia which led to an increase in supply just as demand was falling due to the economic impact of the pandemic, the first half of 2020 was an active and productive period for the Company as it reset its strategy to transition towards becoming a cash generating Company with significant exploration potential. The period concluded with the announcement of a key milestone, that the Company had entered into a heads of terms with, and granted exclusivity to,  a Moroccan conglomerate, to provide partial financing for its Phase 1 micro LNG project and for the purchase of the LNG produced from the TE-5 Horst under the first phase of development. In addition during, the Company also received EIA approval for the Tendrara Gas Export Pipeline and Central Processing Facility (''CPF'') whilst continuing to progress the finalisation of binding terms for the proposed Gas Sales Agreement (''GSA'') with Office National de l'Electricité et de l'Eau Potable (''ONEE'') for the second phase of development of the TE-5 Horst.

Eastern Morocco Partial Disposal

The Company announced in July 2020 that it is no longer in discussions with the previously proposed purchaser in relation to the potential partial disposal of its Eastern Morocco portfolio, however, having announced its phased development strategy for the Tendrara Production Concession, the Company continues to engage with other parties who have expressed interest in participating in the Company's strategy by way of a potential farm-in. Whilst a partial disposal of its Eastern Morocco portfolio is not a strategic priority of the Company, normal business development discussions are ongoing in this regard. There is no certainty that any of these discussions will advance and the Company's current key priority is to deliver a final investment decision on its proposed Phase 1 development of the Tendrara Production Concession during 2020.

Phase 1 Micro LNG Development

In June, the Company was pleased to announce that heads of terms had been entered into with a Moroccan conglomerate to permit exclusive discussions to negotiate definitive agreements for both the purchase of LNG to be produced from the TE-5 Horst as well as partial financing for the Phase 1 development by the Moroccan conglomerate. An LNG Gas Sales Agreement is currently being negotiated pursuant to which the joint venture will commit, over a 10 year period, to supply an annual contractual quantity of 100 million standard cubic metres of (liquefied) gas from the Phase 1 development, based upon the key commercial terms set out in the heads of terms.

Phase 2 Tendrara TE-5 Development

The Company continued to make progress in advancing the development of the Tendrara TE-5 discovery including the approval of the EIA mentioned above along with progression of discussions to obtain pipeline corridor rights. Despite the difficulties imposed by the Covid-19 pandemic, positive discussions with ONEE have continued in order to finalise the fully termed GSA for gas offtake. This will form a key building block to support project sanction of the proposed TE-5 Phase 2 development.

EIA of the Tendrara Gas Export Pipeline and CPF

In January 2020, the Company announced receipt of the EIA approval from the Moroccan Ministry of Energy, Mines and Environment to build and operate a 120km 20-inch gas pipeline connecting the CPF to the Gazoduc Maghreb Europe pipeline (''GME''). This was followed by the ministerial approval of the EIA for the CPF in March. Approval of the respective EIAs are important steps in the development process of the TE-5 Horst. The EIA incorporates the Micro LNG project activity.

Structural Cost Reductions

The Company continues to manage its cash resources prudently and, accordingly, having paused its operational programme in 2019, the Company continued a structural cost reduction programme aimed at materially reducing the Company's ongoing operating expenditure, including reductions in staff numbers, executive remuneration and other business costs. By the end of the reporting period, the cost reduction initiatives that have been implemented delivered a reduction in general and administrative expenses by 57% compared with the first half of 2019.

Licensing

The Company announced in July that it had successfully concluded a renegotiation of the terms of its Anoual Exploration Permit in order to realign the Company's committed exploration work programme in Eastern Morocco so that it dovetails more efficiently with the proposed phasing of our Phase 1 Development Plan at the Tendrara Production Concession in a manner that underscores both our confidence in the potential of the basin as a future significant gas producing province and our ability to deploy capital judiciously across the portfolio.

Corporate

In February, the Company announced the appointment of myself, Graham Lyon, as Executive Chairman. The Company was pleased to subsequently appoint Mohammed Seghiri as Chief Operating Officer in April. Mohammed brings extensive technical and commercial experience, as well as Moroccan knowledge and relationships which will be utilised in particular to drive forward the Company's phased development strategy in Eastern Morocco. In July, the Company announced further board strengthening with the appointment of David Blewden as an Independent non-executive director. David brings a wealth of experience from the financial side of oil and gas sector and specific experience around debt restructuring which is a key priority for the Company in the coming period. As at 30 June 2020, the Company had total cash balances of £4.2 million and, subsequent to the period end, the Company placed 163,529,411 new ordinary shares at a price of 2.125 pence per share to raise £3.2 million after costs in August 2020.

Graham Lyon

Chairman (Executive)

Condensed Interim Consolidated Income Statement

	Notes	Six months ended 30 June 2020 Unaudited £'000s	Six months ended  30 June 2019 Unaudited £'000s	Year ended      31 Dec 2019 Audited £'000s
Exploration costs		-	(6,494)	(6,570)
Gross loss		-	(6,494)	(6,570)
Administrative expenses		(1,700)	(3,995)	(6,064)
Group operating loss from continuing operations		(1,700)	(10,489)	(12,634)
Finance revenue		26	57	102
Foreign exchange gain/(loss)		2,890	116	(1,101)
External interest costs		(1,596)	(1,151)	(2,787)
Loss for period before taxation		(380)	(11,467)	(16,420)
Tax expense		-	-	-
Loss for period after taxation		(380)	(11,467)	(16,420)
Other comprehensive (loss)/income
Items that may be subsequently be reclassified to profit and loss account:
Foreign currency translation income/(loss)		8,044	349	(4,256)
Total comprehensive income/(loss) for the period attributable to equity holders of the parent		7,664	(11,118)	(20,676)
		Pence	Pence	Pence
Basic and diluted loss per share for the period attributable to equity holders of the parent	3	(0.03)	(1.08)	(1.54)

Condensed Interim Consolidated Balance Sheet

	Notes	30 June 2020 Unaudited £'000s	30 June 2019 Unaudited £'000s	31 Dec 2019 Audited  £'000s
Non-current assets
Property, plant and equipment	4	157,490	152,844	147,342
Intangible assets	5	33,434	30,996	30,784
Interest in Badile land		1,002	985	936
		191,926	184,825	179,062
Current assets
Inventories		1,084	1,020	1,014
Other receivables		1,669	1,963	1,492
Prepayments		51	126	41
Cash and short-term deposits	6	4,206	11,091	4,608
		7,010	14,200	7,155
Total assets		198,936	199,025	186,217
Current liabilities
Trade and other payables		3,028	6,243	2,444
Lease liabilities		156	181	183
Loans and borrowings	7	23,845	-	-
		27,029	6,424	2,627
Non-current liabilities
Lease liabilities		-	151	42
Loans and borrowings	7	-	21,337	21,235
		-	21,488	21,277
Total liabilities		27,029	27,912	23,904
Net assets		171,907	171,113	162,313
Capital and reserves
Share capital and share premium		26,294	24,835	24,835
Warrant reserve		4,090	4,090	4,090
Foreign currency reserve		5,951	2,512	(2,093)
Accumulated surplus		135,572	139,676	135,481
Total equity		171,907	171,113	162,313

Condensed Interim Consolidated Statement of Changes in Equity

	Share capital £'000s	Share premium £'000s	Accumulated surplus £'000s	Warrant reserve £'000s	Foreign currency reserves £'000s	Total equity £'000s
At 1 January 2020	10,796	14,039	135,481	4,090	(2,093)	162,313
Total loss for the period	-	-	(380)	-	-	(380)
Other comprehensive income	-	-	-	-	8,044	8,044
Total comprehensive income for the period	-	-	(380)	-	8,044	7,664
Issue of share capital	822	816	-	-	-	1,638
Share issue costs	-	(179)	-	-	-	(179)
Share based payments	-	-	471	-	-	471
At 30 June 2020 (unaudited)	11,618	14,676	135,572	4,090	5,951	171,907

At 1 January 2019	10,551	12,049	150,242	4,090	2,163	179,095
Total loss for the year	-	-	(16,420)	-	-	(16,420)
Other comprehensive loss	-	-	-	-	(4,256)	(4,256)
Total comprehensive loss	-	-	(16,420)	-	(4,256)	(20,676)
Issue of share capital	245	2,228	-	-	-	2,473
Share issue costs	-	(238)	-	-	-	(238)
Share based payments	-	-	1,659	-	-	1,659
At 31 December 2019	10,796	14,039	135,481	4,090	(2,093)	162,313

	Share capital £'000s	Share premium £'000s	Accumulated surplus £'000s	Warrant reserve £'000s	Foreign currency reserves £'000s	Total equity £'000s
At 1 January 2019	10,551	12,049	150,242	4,090	2,163	179,095
Total loss for the period	-	-	(11,467)	-	-	(11,467)
Other comprehensive income	-	-	-	-	349	349
Total comprehensive loss for the period	-	-	(11,467)	-	349	(11,118)
Issue of share capital	245	2,228	-	-	-	2,473
Share issue costs	-	(238)	-	-	-	(238)
Share based payments	-	-	901	-	-	901
At 30 June 2019 (unaudited)	10,796	14,039	139,676	4,090	2,512	171,113

Condensed Interim Consolidated Cash Flow Statement

		Six months ended 30 June  2020 Unaudited £'000s	Six months ended 30 June 2019 Unaudited £'000s	Year ended 31 Dec 2019 Audited £'000s
Cash flow from operating activities
Cash flow from operations		(630)	(6,591)	(10,909)
Interest received		26	57	102
Net cash flow from operating activities		(604)	(6,534)	(10,807)
Cash flow from investing activities
Capital expenditure and disposals		(201)	(963)	(1,011)
Exploration expenditure		(528)	(4,351)	(5,401)
Disposal of Italian operations		-	761	761
Net cash flow from investing activities		(729)	(4,553)	(5,651)
Cash flow from financing activities
Net proceeds from equity issue		1,352	2,235	2,235
Interest payments		(622)	(627)	(1,266)
Lease payments		(30)	(83)	(195)
Net cash flow from financing activities		700	1,525	774
Net decrease in cash and cash equivalents		(633)	(9,562)	(15,684)
Net foreign exchange difference		231	117	(244)
Cash and cash equivalents at the beginning of the period		4,608	20,536	20,536
Cash and cash equivalents at the end of the period		4,206	11,091	4,608

Notes to Cash Flow Statement                                                                                                                                     

		Six months ended 30 June  2020 Unaudited £'000s	Six months ended 30 June 2019 Unaudited £'000s	Year ended 31 Dec 2019 Audited £'000s
Cash flow from operations reconciliation
Loss for the period before tax		(380)	(11,467)	(16,420)
Finance revenue		(26)	(57)	(102)
Exploration expenditure written off		-	6,494	6,570
Impairment of interest in Badile land		-	-	616
Increase/(decrease) in accruals and short term payables		550	(4,365)	(7,773)
Depreciation		198	266	425
Share based payments charge and remuneration paid in shares		579	901	1,659
Increase in drilling inventories		(70)	(91)	(85)
Finance costs and exchange adjustments		(1,294)	1,035	3,888
(Increase)/decrease in short term receivables and prepayments		(187)	693	313
Cash flow from operations		(630)	(6,591)	(10,909)

Non-cash transactions during the period included the issue of 5,805,555 ordinary shares at a price of 1.86 pence per share, to an employee of the Company in connection with the termination of an employment contract.  1,425,000 ordinary shares were issued at a price of 2 pence per share to a third party in lieu of fees incurred in connection with a placing announced in December 2019.

Notes to the Condensed Interim Consolidated Financial Statements

1. Basis of preparation

The condensed interim consolidated financial statements do not represent statutory accounts within the meaning of section 435 of the Companies Act 2006. The financial information for the year ended 31 December 2019 is based on the statutory accounts for the year ended 31 December 2019. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies and did not contain statements under section 498(2) or (3) of the Companies Act 2006.

The condensed interim financial information is unaudited and has been prepared on the basis of the accounting policies set out in the Group's 2019 statutory accounts and in accordance with IAS 34 Interim Financial Reporting.

The seasonality or cyclicality of operations does not impact on the interim financial statements.

Going concern

The Company's Condensed Interim Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realisation of assets and the settlement of liabilities and commitments in the normal course of operations. The Company is exploring funding options to enable it to restructure or refinance the Company's €28.8 million bond due for settlement on 21 June 2021.  In August 2020, the Company raised through an equity placing, £3.2 million net of issue costs and at the end of August held cash and cash equivalents of £6.5million including £1.3 million held as collateral for a bank guarantee of licence commitments. Cashflow forecasts for the twelve-month period to September 2021 indicates that additional funding will also be required to enable the Company to meet its obligations.

The COVID-19 pandemic has not had a material impact on the Company's operations. The consequential impact of a deterioration of the pandemic may delay the progress in completing activities necessary to restructure or refinance the Company's €28.8 million bond.

These conditions indicate the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern. These Condensed Interim Consolidated Financial Statements do not include adjustments that would be required if the Company was unable to continue as a going concern. The directors have formed a judgement based on the Company's proven success in raising capital and a review of the strategic options available to the Company, that the going concern basis should be adopted in preparing the Condensed Interim Consolidated Financial Statements.

2. Segment information

The Group categorises its operations into three business segments based on Corporate, Exploration and Appraisal and Development and Production. The Group's Exploration and Appraisal activities are carried out in Morocco. The Group's reportable segments are based on internal reports about the components of the Group which are regularly reviewed by the Board of Directors, being the Chief Operating Decision Maker (''CODM''), for strategic decision making and resources allocation to the segment and to assess its performance. The segment results for the period ended 30 June 2020 are as follows:

Segment results for the period ended 30 June 2020

	Corporate £'000s	Development & Production £'000s	Exploration & Appraisal £'000s	Total  £'000s
Exploration costs	-	-	-	-
Administration expenses	(1,700)	-	-	(1,700)
Operating loss segment result	(1,700)	-	-	(1,700)
Interest receivable	26	-	-	26
Finance costs and exchange adjustments	1,294	-	-	1,294
Loss for the period before taxation	(380)	-	-	(380)

The segments assets and liabilities at 30 June 2020 are as follows:

	Corporate £'000s	Development & Production £'000s	Exploration & Appraisal £'000s	Total £'000s
Capital expenditure	1,327	157,165	33,434	191,926
Other assets	4,442	785	1,783	7,010
Total liabilities	(25,148)	-	(1,881)	(27,029)

The geographical split of non-current assets is as follows:

	Europe £'000s	Morocco £'000s
Development and production assets	-	157,165
Interest in Badile land	1,002	-
Fixtures, fittings and office equipment	19	166
Right-of-use assets	61	79
Exploration and evaluation assets	-	33,333
Software	-	101
Total	1,082	190,844

Segment results for the period ended 30 June 2019

	Corporate £'000s	Development & Production £'000s	Exploration & Appraisal £'000s	Total  £'000s
Exploration costs	-	-	(6,494)	(6,494)
Administration expenses	(3,995)	-	-	(3,995)
Operating loss segment result	(3,995)	-	-	(10,489)
Interest receivable	57	-	-	57
Finance costs and exchange adjustments	(1,035)	-	-	(1,035)
Loss for the period before taxation	(4,973)	-	(6,494)	(11,467)

The segments assets and liabilities at 30 June 2019 were as follows:

	Corporate £'000s	Development & Production £'000s	Exploration & Appraisal £'000s	Total £'000s
Capital expenditure	1,590	152,247	30,988	184,825
Other assets	12,490	-	1,710	14,200
Total liabilities	(22,820)	-	(5,092)	(27,912)

The geographical split of non-current assets was as follows:

	Europe £'000s	Morocco £'000s
Development and production assets	-	152,247
Interest in Badile land	985	-
Fixtures, fittings and office equipment	75	198
Right-of-use assets	120	204
Exploration and evaluation assets	-	30,824
Software	8	164
Total	1,188	183,637

Segment results for the year ended 31 December 2019

	Corporate £'000s	Development & Production £'000s	Exploration & Appraisal £'000s	Total £'000s
Exploration costs	-	-	(6,570)	(6,570)
Administration expenses	(6,064)	-	-	(6,064)
Operating loss segment result	(6,064)	-	(6,570)	(12,634)
Interest receivable	102	-	-	102
Finance costs and exchange adjustments	(3,888)	-	-	(3,888)
Loss for the period before taxation from continuing operations	(9,850)	-	(6,570)	(16,420)

The segments assets and liabilities at 31 December 2019 were as follows:

	Corporate £'000s	Development & Production £'000s	Exploration & Appraisal £'000s	Total £'000s
Non-current assets	1,530	146,876	30,656	179,062
Current assets	4,795	-	2,360	7,155
Total liabilities	(22,636)	(9)	(1,259)	(23,904)

The geographical split of non-current assets is as follows:

	Europe £'000s	Morocco  £'000
Development and production assets	-	146,876
Interest in Badile land	936	-
Fixtures, fittings and office equipment	46	195
Right-of-use assets	90	135
Exploration and evaluation assets	-	30,656
Software	2	126
Total	1,074	177,988

3.Profit/(loss) per share

The calculation of basic profit/(loss) per Ordinary Share is based on the profit/(loss) after tax and on the weighted average number of Ordinary Shares in issue during the period. The calculation of diluted profit/(loss) per share is based on the profit/(loss) after tax on the weighted average number of ordinary shares in issue plus weighted average number of shares that would be issued if dilutive options, restricted stock units and warrants were converted into shares. Basic and diluted profit/(loss) per share is calculated as follows:

	30 June 2020 £'000	30 June 2019 £'000	31 December 2019 £'000
Loss after tax from continuing operations	(380)	(11,467)	(16,420)

	million	million	million
Weighted average shares in issue	1,155	1,057	1,068

	Pence	Pence	Pence
Basic and diluted profit/(loss) per share from continuing operations	(0.03)	(1.08)	(1.54)

Due to the loss for the period, the effect of the potential dilutive shares on the earnings per share from continuing operations would be anti-dilutive and therefore are not included in the calculation of diluted earnings per share from continuing operations.

4: Property, plant and equipment

	30 June  2020 £'000s	30 June 2019 £'000s	31 Dec 2019  £'000s
Cost
At start of period	148,071	151,394	151,394
Additions	216	1,390	1,493
Disposal	-	(1)	(2)
Exchange adjustments	10,118	620	(4,814)
At end of period	158,405	153,403	148,071
Depreciation
At start of period	729	389	389
Disposals	-	-	(1)
Charge for period	163	221	340
Exchange adjustments	23	(51)	1
At end of period	915	559	729
Net book amount	157,490	152,844	147,342

5. Intangibles

	30 June  2020 Unaudited £'000s	30 June 2019 Unaudited £'000s	31 Dec 2019  Audited £'000s
Cost
At start of period	41,631	36,412	36,412
Additions	603	5,268	5,974
Exchange adjustments	2,094	383	(755)
At end of period	44,328	42,063	41,631
Impairment and Depreciation
At start of period	10,847	4,404	4,404
Charge for period	35	6,539	6,655
Exchange adjustments	12	124	(212)
At end of period	10,894	11,067	10,847
Net book amount	33,434	30,996	30,784

6. Cash and cash equivalents

	30 June  2020 Unaudited £'000s	30 June 2019 Unaudited £'000s	31 Dec 2019 Audited £'000s
Cash and short-term deposits	4,206	11,091	4,608

The Group has provided collateral of $3.35 million (2019: $3.35 million) to the Moroccan Ministry of Petroleum to guarantee the Group's minimum work programme obligations. The cash is held in a bank account under the control of the Company and as the Group expects the funds to be released as soon as the commitment is fulfilled on this basis the amount remains included within cash and cash equivalents. Subsequent to the period end, in August 2020, $1.6 million of the collateral was released and became unrestricted.

7. Loans and borrowings

	30 June  2020 Unaudited £'000s	30 June 2019 Unaudited £'000s	31 Dec 2019 Audited £'000s
Current liability
5-year secured bonds	23,845	-	-
Non-current liability
5-year secured bonds	-	21,337	21,235

The Company has 5-year non-amortising secured bonds with an aggregate value of €28.8 million. The bonds are secured over the share capital of Sound Energy Morocco South Limited, have a 5% coupon and were issued at a 32% discount to par value. Alongside the bonds, the Company issued 70,312,500 warrants to subscribe for new ordinary shares in the Company at an exercise price of 30 pence per ordinary share and an exercise period of approximately five years, concurrent with the term of the bonds. The effective interest rate is approximately 16.3%. The 5-year secured bonds are due in June 2021.

8. Shares in issue and share based payments

As at 30 June 2020, the Company had 1,161,851,296 ordinary shares in issue. In January 2020, the Company issued 75 million shares at 2 pence per share following a placing announced in December 2019. The net proceeds of the placing were approximately £1.3 million. 1,425,000 shares were issued to a third party to settle fees relating to the placing.

During the period to 30 June 2020, approximately 0.9 million Restricted Stock Units (RSU) awards vested and approximately 1.0 million RSU expired. In addition, 8.4 million share options expired during the period.

9. Post Balance Sheet events

In July 2020, the Company confirmed that negotiations with Morocco's Office National de l'Electricité et de l'Eau Potable ("ONEE") in relation to the final gas sales agreement were continuing despite travel restrictions relating to COVID-19.

In July 2020, the Company announced that it had renegotiated the terms of its Anoual Exploration Permits (the "Permit') with Morocco's National Office of Hydrocarbons and Mines, which aligns the work programme commitments on the Permit and the Company's continued pursuit to unlock the exploration potential of the Eastern Morocco basin, with the expected phasing of the Company's recently announced Tendrara Production Concession Phase 1 development plan.  

In July 2020, the Company issued 863,682 new ordinary shares in respect of RSUs that had vested.

Subsequent to the period end, in August 2020 the Company placed 163,529,411 new ordinary shares at a price of 2.125 pence per share to raise £3.2 million after costs.

In August 2020 the Group received a notification from the tax authority in Morocco of its intention to assess Sound Energy Morocco East Limited for additional tax liabilities totalling approximately $14 million. The Group believes that the assessment arises from a misunderstanding of the underlying transactions and consequently intends on appealing the assessment. Accordingly, no liability has been recognised in the financial statements and the amount is considered to be a contingent liability.

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