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December 27, 2012
10:29 EDTSOQSonde Resources confirms Joint Oil's approval of extension
Sonde Resources confirmed that Joint Oil's Board and General Assembly have approved Sonde to enter the second Exploration Phase extending the exploration work program for the three exploratory wells obligation under the Exploration and Production Sharing Agreement to December 2015. The Amending Agreement to the EPSA provides for a Second Phase Work Program as follows: One Exploratory well must be drilled by the end of each year beginning in 2013 or will be subject to a $15M per well penalty; and Sonde will acquire 200 sq. km. of 3D seismic in the "B" subcontract area offshore Libya. The seismic work is an additional obligation, as permitting did not allow the acquisition to take place during our seismic acquisition in 2012, Sonde said. Sonde continues to provide a Corporate Guarantee for the $46.6M potential penalty for noncompliance. The Corporate Guarantee declines by $15M as each well is drilled and $1.6M when the 3D seismic is completed. Sonde's CEO said, "Joint Oil has assisted Sonde by recognizing the increased costs and operational challenges in moving the Zarat Field development and exploratory effort forward by extending our obligations into the second phase of the exploration period. We are grateful to Joint Oil and its shareholders to allow us to move forward and develop the Block's potential."
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