Sonde is so much under that it is not even funny. Why is Toufic being paid 600K/year again?............"Under the terms of the EPSA, the next well is required to be drilled by December 23, 2014 and the final well is required to be drilled by December 23, 2015. Sonde has provided a corporate guarantee of US$30 million to secure its commitment to drill these two additional wells. As previously disclosed, the Company no longer generates cash flow from petroleum and natural gas sales and the Company no longer has a credit facility. As such, the Company must fund its operations, including its commitments under the EPSA, from working capital, or property dispositions. As a result of this liquidity position, no steps have been taken to meet the drilling obligation in respect of the next well. Failure to meet these commitments could result in a termination of the EPSA by Joint Oil."............
Well it looks like it. Sonde pay the $15MM penalty and goes out of business, THEN sell Sonde North Afrika BV for $8MM :) Who is the buyer? Oil will not stay at $55/Barrel. Yes the Sonde shareholders are getting screwed.
10-4 blanco. Rough ride for sure. I was looking at some field data on the net yesterday and I came across some BG data on the 3 discovery wells that SNG drilled at TnT. After they drilled the wells, I had calculated the reserves from maps that SNG supplied online. The reserves were around 3-4TCF for the 3 wells and any development wells. That is about the same number that BG has for the 3 wells as they are ready to put them into full production. BG was the JV farm-in partner with stiff lease terms, but BG drilled the down-dip well which had proved gas sands and a water contact in it, so well SNG drilled was a low risk updip well. To think that SNG had 70% of that deal, but #$%$ it away with the shell company that Noval created. 3-4 TCF is a lot of gas, plus the condensate that comes along with the natural gas, lperiod. That could have been and should have been the share holders payback for investing in SNG/SOQ. Mercy, that is really a bad deal for us. Regards to you all, this entire deal makes me sick as it does you.
Message board still here and boy did you hit the nail on the head with your comments. News this morning may give some small ray of hope but I suspect any money they receive, if the deal is approved by Joint Oil, will only go to salaried of management. 15 million lost on the Nov non drill and another on the Dec. non drill. Only a new entity could do the Dec. 2015 drilling so we shall see. At the best, Sonde gets 8 million for its interest in North Africa.
Yes, it is true, we have all predicted the demise of Sonde Resources for years,
and while I cannot produce a truly fitting epitaph, I just had to post something - so what have we learned..
never trust anyone with the name "Noval" - does it not say everything?? No Value,
funny how he married a lady name Valerie (and I still pray for her soul)
And when a new management team for any company with names like Schanks and Dirks - (which are common references to different kinds of knives) - expect them to slice and dice all the assets of a company while milking it all for their salaries.
And whenever a company comes up with ANY plans for industrial development in New Jersey, just beware.
and finally, when all hope seems to be abandoned, please understand that anyone with hopes to salvage any of our investments with a silly concept such as "Sonde - The Movie" - will likely never get enough support from Hollywood investors to get a script off the drawing board, much less into film production.While I appreciate all the help from posters from many years ago, I have failed to find any support for even a mini-series.
gotta go, my trans-vaginal mesh has been bothering me lately, as well as my ongoing mesotheioma, and these are the only hopes I have for potential returns from any legal actions,
and I doubt any will be forthcoming for all of the investors in SOQ.
It will be interesting to see if this Yahooooo message board gets shut down - for all I know, it
Best to all of you, and your investing,
At the price you quoted I could not buy a movie ticket and pop corn. Maybe PDS will eventually get over the blahs of these lower prices for oil and we will have a recovery. But it may take a quite a while or until the Saudis and U.S. get over this #$%$ contest as to who can produce the most at the lowest prices.
Wow, that means you could buy a whole drilling ship full of shares for just a few dollars. Too bad they would still be worthless.
could filing bankruptcy save any of the remaining resources. this group may decline to file until all resources
4:36p ET November 19, 2014 (Market Wire)Print
Sonde Resources Corp. ("Sonde" or the "Company") (TSX VENTURE: SOQ)(NYSE MKT: SOQ) announced today that its capital resources have been significantly depleted since June 30, 2014 and, to date, its strategic alternatives process has not resulted in a transaction that would satisfy Sonde's significant financial commitments under the Exploration and Production Sharing Agreement ("EPSA") covering the Joint Oil Block. Refer to Sonde's Management's Discussion and Analysis for the three and six months ended June 30, 2014 ("Second Quarter MD&A") for a description of these material commitments.
As at November 17, 2014, cash and cash equivalents (excluding restricted cash) are estimated to be $0.3 million. Restricted cash secures a US$15 million letter of credit issued to Joint Oil to guarantee the Company's obligation to drill the Fisal-1 well by November 30, 2014 as well as a $0.2 million abandonment bond in Canada. The penalty for failure to drill the Fisal-1 well on or before November 30, 2014 would allow Joint Oil to draw US$15 million under the letter of credit to satisfy this penalty. Drilling of the Fisal-1 well has not commenced due to the Company's current liquidity position and it is Sonde's expectation that Joint Oil may draw upon the letter of credit in early December. Sonde has also provided a corporate guarantee of US$30 million to secure its commitment to drill two additional wells. Under the terms of the EPSA, the next well is required to be drilled by December 23, 2014 and the final well is required to be drilled by December 23, 2015. Failure to meet these commitments could result in a termination of the EPSA by Joint Oil. In addition to its work commitments under the EPSA, Sonde has commitments under its existing office leases which are further detailed in its Second Quarter MD&A and its net current assets less liabilities as at November 17, 2014 is estimated to be a negative $0.3 million.