Sound Energy PLC (LON:SOU) confirmed that its divestment of Italian assets to Coro Energy Plc, previously named Saffron Energy, has this morning completed.
As previously communicated, the Coro Energy consideration shares will be redistributed to Sound shareholders to hold directly. Shareholders on the record date of April 3 are entitled to the shares, which will be issued proportionately to their stake.
READ: Sound confident that Morocco assets can be a material hydrocarbon province
A total of 185.9mln Coro shares will be distributed by Sound. That represents 25.9% of Coro, and it will be the entirety of Sound’s holding in the company.
Subsequently, Sound will be solely focussed on its assets in Morocco - including both the development and exploration assets in the Tendrara area, as well as the Meridja and Sidi Moktar assets.