Key Developments: Sonde Resources Corp (SOQ.TO)
0.82CAD
19 Jun 2013
$0.01 (+1.23%)
$0.81
$0.78
$0.86
$0.78
67,308
108,121
$1.93
$0.63
Latest Key Developments (Source: Significant Developments)
Sonde Resources Corp Announces Further Extension Of Farm-Out Of Joint Oil Block
Sonde Resources Corp announced that the original Farm-Out Agreement with Viking Energy North Africa Limited (Viking) has been extended by mutual agreement until July 31, 2013. An extension of the closing date for the Farm-Out Agreement was obtained to allow the parties to complete the negotiation of the documentation reflecting the amendments required by the Joint Oil Board of Directors and set forth in the Company's press release of May 6, 2013, to negotiate the form of assignment agreement and related documentation with Joint Oil to effect the terms of the Farm-Out and to fund the USD50.995 million bank guarantee (of which the Company is obligated to contribute USD10.995 million). Recent developments relating to the proposed acquisition of a majority interest in the Zarat license (located to the south of the Joint Oil Block) have resulted in a re-evaluation by Viking and lenders of the proposed unitization and unit plan of development for the Zarat license and Joint Oil Block, and an assessment of the potential implications thereof on the Farm-Out Agreement with Sonde. The Company is working diligently to advance the Farm-Out with Viking; however, there can be no assurance that the Farm-Out Agreement will be completed. Full Article
Sonde Resources Corp Announces Retirement Of President And Chief Executive Officer
Sonde Resources Corp announced that Jack Schanck, President and Chief Executive Officer, has formally notified the Board of Directors of his intention to retire from Sonde for personal reasons. Mr. Schanck's retirement is effective on the earlier of June 30, 2013 and the appointment of a successor to the position of President and Chief Executive Officer. Mr. Schanck will also be retiring from the Board of Directors but he has agreed to stay on as an advisor until December 31, 2013 to assist with the transition. The Board of Directors has formed a search committee which is in the advanced stages of identifying a suitable replacement for Mr. Schanck. Full Article
Sonde Resources Corp Farms Out 66% of Joint Oil Block Interest
Sonde Resources Corp announces that it has farmed out 66.67% of its interest in the Joint Oil Block to Viking Energy North Africa Limited (Viking), a private company. Sonde will receive the following consideration in connection with the farm out (all amounts are in U.S. Dollars): Viking will pay Sonde in total a USD3 million non-refundable signature bonus; Viking will assume responsibility for the three well exploration commitment under the terms of the EPSA and fund 100% of the Joint Oil Block share of the Unit Plan of Development for the Zarat Field. The first well, Fisal, is to be drilled in 2013 along with the acquisition of seismic data covering the Hadaf prospect; Viking will also provide to Sonde, prior to closing, the appropriate form of corporate guarantee with the agreed upon commercial terms, in order to secure the remaining work commitment under the terms of the EPSA; Sonde will receive 20% of the cost recovery and profit share revenue until Sonde recovers USD70 million. After payout of all Viking expenditures, the revenue will be split 33.33% to Sonde and 66.67% to Viking; Sonde retains the option to fund its 33.33% share of two of the exploration wells; and Any future discoveries will be shared 33.33% to Sonde and 66.67% to Viking. Full Article
PA Resources AB Updates on Zarat Field in Zarat License Held by Sonde Resources Corp.
PA Resources AB announced that it has reached a tentative agreement on the Unitization principles of the Zarat Field in Tunisia with Sonde Resources Corp., the Zarat license holder, to the North of the Zarat License. This agreement includes principles relating to the Unit Area, Unit Plan of Development Area and Tract Participation. The Unit Plan of Development is on track for submission to the Tunisian Authorities for approval by the end of the second quarter of 2013. A detailed reservoir technical evaluation undertaken jointly by PA Resources and Sonde is on-going. Preliminary results indicate that the gas recycling option is a viable production option which will allow the production of oil and condensate in advance of gas blow down. PA Resources also announced that it will make a further announcement relating to the Unit Plan of Development and Unitization principles once all approvals have been obtained. Full Article
Sonde Resources Corp. Completes Sale of Alberta Undeveloped Acreage
Sonde Resources Corp. announced that it has completed the sale of 26,240 gross undeveloped acres (24,383 net acres) in its Kaybob Duvernay play in Alberta for aggregate proceeds of $75 million. The sale will result in a net gain of approximately $73 million. Sonde will have approximately $54 million after the repayment of our outstanding credit facility. The net proceeds from this sale will be used to focus on Sonde's Western Canada and North African strategy and for other corporate purposes. Sonde continues to own approximately 39,000 net undeveloped acres in Duvernay and Montney oil plays, in the Ante Creek and Bezanson area. Full Article
Sonde Resources Corp. Announces Acquisition Of Additional Mannville I Pool Interests At Drumheller
Sonde Resources Corp. announced that it has reached an agreement to acquire a block of producing and non-producing assets at Drumheller from a third party, which includes the bulk of producing interests in the Mannville I oil pool not currently owned by Sonde, as well as adjacent non-producing leases and suspended wells. In the transaction Sonde will acquire 10,367 net acres of mineral interests, and approximately 110 barrels of oil equivalent per day of production, for an aggregate purchase price of CAD6.3 million. The purchase price will be satisfied in cash at closing, which is scheduled for September 22, 2011. Full Article
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