Gulf Oil and Gas accountACCOUNT

Sonde Terminates the Viking Farm-Out in North Africa

Source: www.gulfoilandgas.com 11/15/2013, Location: Africa

Share |
Sonde Resources Corp announced that the North Africa farm-out agreement with Viking Exploration and Production Tunisia Limited (“Viking”) has been terminated.

Under the terms of the Assignment Agreement to Viking dated October 4, 2013 (the “Assignment”), Viking had 21 calendar days (until October 25, 2013) to fund its $40 MM share of the Bank Guarantee called for under the Assignment.

At Viking’s request, Joint Oil and Sonde subsequently granted an additional 21 day extension, until November 15, 2013, to complete this funding. Viking was unable to obtain this funding, which was a condition precedent to closing the farm-out. Sonde does not believe Viking is likely to gain access to these funds in the near future, and has subsequently terminated the farm-out agreement.

Sonde continues to work with Joint Oil and the other parties on finalizing the unitization and unit plan of development for Zarat Field by end of 2013 as requested by the Tunisian Direction Générale de l'Energie. Management believes that the work completed on the Joint Oil Block combined with an approved Plan of Development and ratified Unit Agreement will enhance the marketability and market value of Zarat, and plans to immediately launch a revitalized marketing campaign for the Joint Oil Block seeking either a partner, external funding or both for Zarat development and the Joint Oil Block exploration commitments.

Toufic Nassif, President Sonde North Africa, said “Viking’s failure to close the farm-out agreement is a disappointment, but by no means diminishes our enthusiasm for the significant potential of the Joint Oil Block, or our commitment to the strong partnership we have built with Joint Oil. We will aggressively market this asset over the coming weeks, seeking a deal that recognizes and rewards the value proposition that Sonde shareholders own.”

For more information about related Opportunities and Key Players visit North Africa Projects

Acquisitions and Divestitures News in Tunisia >>

Egypt >>  8/14/2018 - Eni announces that a new Concession Agreement, aimed at governing an offshore exploration license in the prolific East Nile Delta Basin of the Mediter...
Namibia >>  8/14/2018 - Azinam Limited, the Seacrest Capital Group-backed Namibian explorer, is pleased to announce that ExxonMobil Namibia (PEL44) Limited, an affiliate of E...

United Kingdom >>  8/14/2018 - Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK,...
Egypt >>  8/13/2018 - Eni announces that Egyptian Authorities have authorized a new Nile Delta Concession Agreement allowing a ten-year extension of the Abu Madi West Devel...

Senegal >>  8/13/2018 - PETRONAS through its subsidiary PC Senegal Ltd, recently signed a Farm-in Agreement with TOTAL E&P Senegal SAS, a subsidiary of TOTAL, to acquire a 30...
United Kingdom >>  8/13/2018 - Neptune Energy Group (“Neptune”) has entered into a Sale and Purchase Agreement to acquire certain development and exploration assets in the UK Centra...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Tunisia Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Tunisia >>

More News

 

Oil & Gas Companies in Tunisia >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.