Sonde Resources Corp announced that Joint Oil’s Board of Directors and General Assembly have approved the Assignments and the Amendment to the Exploration and Production Sharing Agreement (“EPSA Amendment”) required as conditions precedent to closing the previously announced Viking Farm-out agreement for the Joint Oil Block.
Sonde, Joint Oil and Viking will meet in the near term to execute a series of documents associated with the Assignments and EPSA Amendment. Thereafter, Sonde and Viking can proceed with closing the farm-out, subject to, among other conditions, a condition precedent that the previously disclosed US $50.995 MM bank guarantee (of which Viking is responsible for US $40 MM and Sonde is responsible for the remainder) must be fully funded prior to closing.
Toufic Nassif, President Sonde North Africa, stated “Joint Oil’s approval of these agreements is a significant milestone on the path to closing the Viking farm-out and pursuing the development of the Zarat field and exploration of the Joint Oil Block. We are grateful to Joint Oil, their Board and General Assembly for their support of these initiatives and to Viking for the momentum that this partnership will bring to the Joint Oil Block.”
