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Sonde Resources Corp NEW Message Board

benmare75 2 posts  |  Last Activity: Dec 18, 2014 7:53 PM Member since: Feb 23, 2009
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  • Reply to

    Exclusivity contract

    by wright.tom64 Dec 17, 2014 10:22 AM
    benmare75 benmare75 Dec 18, 2014 7:53 PM Flag

    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."............

  • Reply to

    Exclusivity contract

    by wright.tom64 Dec 17, 2014 10:22 AM
    benmare75 benmare75 Dec 18, 2014 7:48 PM Flag

    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.

SOQ
0.0540.0000(0.00%)Nov 14 4:00 PMEST

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