News listings

energy-pedia general news

Tunisia flagTunisia

Middle East / Africa >>> Tunisia

Tunisia/Libya: Sonde Resources announces further extension of farm-out of Joint Oil Block

10 Jun 2013

Photo - see caption

Sonde Resources announced Friday that the original Farm-Out Agreement with Viking Energy North Africa has been extended by mutual agreement until July 31, 2013. An extension of the closing date for the Farm-Out 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, 2013, 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 US$50.995 million bank guarantee (of which the Company is obligated to contribute US$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. The Company is working diligently to advance the Farm-Out with Viking; however, there can be no assurance that the Farm-Out Agreement will be completed.

Joint Oil Block

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 holds 100% operated working interest and is the sole contractor to the Joint Oil Block Exploration and Production Sharing Agreement ('ESPA') signed with Joint Oil. Joint Oil is owned 50/50 by the Government of Tunisia and the Government of Libya. The Joint Oil 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.

Photo - see caption

See related article: EnQuest announces entry into North Africa through a 70% operating interest in the producing Didon Oil field and the Zarat Permit in Tunisia

Original article link

Source: Sonde Resources / energy-pedia

Bookmark and Share

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Subscriber Only Deals

Current deals: 1684
Completed deals: 5145

Company Profiles

Current Company Profiles: 2631

Corporate Activity

Current Corporate Activity articles: 3236

Companies Looking

Current number of articles: 425

Company Sales

Current Company Sales articles:1344


Current Geostudies articles: 626

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

Rose & Assocs 149
EP Consult Energies
SLR Consulting logo
RSK Logo 149
Union Jack Oil 149
count geophysics
Lynx Information Systems
KL Publishing
Government of South Australia
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675