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Viking Energy to Acquire 66.7% Interest in Joint Oil Block from Sonde Resources - the Deal will Enable Sonde to Explore the Potential of the Joint Oil Block ? Deal Analysis from GlobalData

Viking Energy to Acquire 66.7% Interest in Joint Oil Block from Sonde Resources - the Deal will Enable Sonde to Explore the Potential of the Joint Oil Block ? Deal Analysis from GlobalData

Table of Contents

Market Study
Published: January 2013
Pages: 6
Tables: For full details, please email keithw@cmsinfo.com
From: GBP 328.95  Buy Now!
Research from: GlobalData
Sector: Energy

Viking Energy to Acquire 66.7% Interest in Joint Oil Block from Sonde Resources - the Deal will Enable Sonde to Explore the Potential of the Joint Oil Block ? Deal Analysis from GlobalData

Summary

Viking Energy North Africa Limited (Viking) acquired a 66.67% interest in the Joint Oil block from Sonde Resources Corp. (Sonde). Under the terms of the agreement, Viking Energy will pay Sonde in total a US$3MM non-refundable signature bonus; will assume responsibility for the three well exploration commitment; and will fund 100% of the Joint Oil block share of the unit plan of development for the Zarat field. The transaction is subject to Viking (or one of its affiliates) providing Sonde with a corporate guarantee sufficient to offset the current US$46.6MM guarantee for the potential penalties in respect of the three well drilling commitment; and Joint Oil Company (which is jointly owned by the governments of Tunisia and Libya with stakes of 50% each) consenting to the transfer of the interest to Viking and the naming of Viking as operator of the joint oil block.

Scope

- Rationale behind Viking Energy acquiring 66.7% interest in Joint Oil Block from Sonde Resources.
- To understand the rational about how the deal will enable Sonde to develop the Zarat field and explore the potential of the Joint Oil Block through a joint venture.
- Geography Covered- Tunisia and Libya.

Reasons to buy

- Develop a sound understanding about how the farm-out by Sonde will enable it to develop the Zarat field and explore the potential of the Joint Oil block in partnership with Viking.
- To know more about the Joint Oil Block which lies in a rich producing area in offshore Tunisia and Libya.
- To have an understanding about how the deal will enable Viking to expand its existing oil asset base in North Africa.

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