Sonde Resources Corp. SOQ
confirms 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 ("EPSA") 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 US $15 million 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 continues to provide a Corporate Guarantee for the US
$46.6 million potential penalty for noncompliance. The Corporate
Guarantee declines by US $15 million as each well is drilled and $1.6
million when the 3D seismic is completed.
Jack Schanck, President and 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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