On Thursday, Sound Energy traded at the lowest level since listing in London in 2005. Sound Energy shares touched lows of 0.76p on Thursday and have lost 98% of their value over the past five years.
Investors appear to be dumping the stock after more Convertible Loan Notes were converted at the beginning of the month.
Under a Convertible Loan Note agreement totalling £2.5m, £1m has been converted into newly issued Sound Energy shares with £1.5m remaining. The outstanding amount means further dilution for Sound Energy shareholders, should they be converted.
Sound Energy is developing Morrocan gas assets and expects its maiden revenue in early 2024. The company has arranged project financing which is said to be the first of its size for gas assets in Morroco.