Farmout of North Africa acreage & discovery is great.
The terms was very very favorable to Sonde. Sonde gets 20% from the Zarat discovery BFPO, then they get 33 1/3% APO. And they get a Carry on Zarat development, and carry on Hadaf Exploration 3D, and carry on Fiscal development well, and carry on Siraj Exploration well, and if the farmout company doesnt get the Zarat Field producing by 2015 they get a carry on Hadaf exploration well ... or if they doget production of Zarat by 2015 Sonde can participate for 33 1/3%.
This is a seat farmout and will have a 15 year time period where Sonde gets money flow from the Zarat unit. Management did a great job of putting this farmout together. Regards