Mediterranean-focused upstream gas company, Sound Energy, revealed Thursday that it has received interest from Oil & Gas Investment Fund (OGIF) with regards to funding a new pipeline development on the Tendrara license.
The non-binding Expression of Interest from OGIF, Sound’s partner on the license, expresses OGIF's interest in funding, building and operating a new pipeline connecting Tendrara to the Gazoduc Maghreb Europe (GME) pipeline. The cost of the new Tendrara pipeline is currently estimated to be approximately $50 million.
"We are very pleased to have received this first expression of interest which potentially enables us to construct the infrastructure which would be required at Tendrara without equity dilution, whilst also further broadening our strong partnership with OGIF,” said James Parsons, CEO of Sound Energy, in a company statement.
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