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News Breaks
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."
News For SOQ From The Last 14 Days
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December 15, 2014
09:33 EDTSOQSonde Resources pays $15M exploratory well penalty
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09:31 EDTSOQSonde Resources executes exclusivity agreement
Sonde Resources announced that the company has executed an Exclusivity and Sale and Purchase Agreement with an arm's length party. The Exclusivity Agreement provides for a 90-day period of exclusivity during which the parties have agreed to negotiate in good faith the terms of definitive documentation to complete the sale of the shares of Sonde North Africa B.V., the company's wholly owned subsidiary that is the party to the Exploration and Production Sharing Agreement, or EPSA, for the Joint Oil Block in North Africa. The consideration for the Acquisition is $8M, less any sums paid by the purchaser on Sonde's behalf. The company will receive $2M of the purchase price in two installments: $1M upon the satisfaction of certain conditions relating to transfer of certain assets held by Sonde BV to the purchaser and $1M on January 31, 2015. The Prepayment, if paid, is non-refundable and will be applied to the negotiated purchase price of $8M. The company intends to use the Prepayment to fund its expenses in connection with the negotiation of the definitive documentation relating to the Acquisition and for working capital. The Acquisition is subject to certain conditions precedent that may require an amendment to the EPSA. The 90-day exclusivity period is intended to allow the purchaser to work with the company to seek these amendments and changes to the exploratory work program under the EPSA and to obtain all required governmental approvals. Satisfaction of these conditions is a pre-condition to the formal closing of the Acquisition.

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