Sonde Resources Tumbles to 52-Week Low on Disappointing Project Financing Statement

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Sonde Resources Corp. ( SOQ ) shares have tumbled more than 40% and touched a 52-week low following the company's comment that: "In January 2012, the company engaged an advisor to identify and evaluate alternatives to finance the company's remaining North Africa obligations. Information learned during the process has adversely impacted our currently available financing alternatives and may delay the outcome and drilling of the three exploratory wells, which could cost more than $100 million. Despite an extensive effort, SOQ has thus far been unable to obtain financing or other arrangements on acceptable terms for the Joint Oil Block."

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This article appears in: Investing Commodities
Referenced Stocks: SOQ


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