Sonde Resources Reports Approval Extension of North Africa Exploratory Obligations; Shares Down 2.4%
Sonde Resources Corp. (SOQ.TO) 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.
Sonde is down 3 cents to $1.25 mid-morning.
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