Another extension with Viking on Joint oil agreement
July 31st 2013 is the new deadline with no guarantee it will work out. Given the recent price action in the shares, I would guess there is a great deal of doubt about the future of this arrangement and thus the future of Sonde.
Enquest bought a 70% working interest of P.A. Resources portion of the Zarat field. It appears that Viking has issues with the unitization of the field. I'm not sure what the issues are as it appears that routhly 2/3s of the field is on the Joint Oil Block. The only thing that really puzzles me is that Viking didn't buy up P.A. Resource portion. Perhaps they made an attempt but were outbid by Enquest.?
How does Sonde play into that Enquest issue? Seems to me that Viking and Sonde should get their deal settled and get down to the issue of eventual production on their portion of the Zarat block and work to settle the issue of unitization with Enquest later. Of course Sonde is such a small potato outift that they really have minimal leverage here.