Petroleum Africa
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Tuesday, June 11, 2013
Sonde Resources reported that its original farm-out agreement with Viking Energy North Africa has been extended by mutual agreement until July 31. An extension of the closing date for the 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, 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 $50.995 million bank guarantee (of which the company is obligated to contribute $10.995 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 its 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.
Sonde said it is working diligently to advance the farm-out with Viking; however, there can be no assurance that the farm-out agreement will be completed.
The 768,000 acre Joint Oil Block lies offshore, crossing the maritime border of Tunisia and Libya. The block lies in a rich producing area, flanked by the large El Bouri, Ashtart, and Miskar fields. Sonde is operator and holds a working interest of 100% and is the sole contractor to the Joint Oil Block EPSA signed with Joint Oil.
Joint Oil is owned by the governments of Tunisia and Libya on a 50/50 basis. The block contains a large portion of the Zarat discovery, which is located in Tunisian waters, and five large identified exploration prospects as well as significant additional prospectivity.
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