Sonde Resources Corp. announced that Joint Oil's Board of Directors and General Assembly have approved the Assignments and the Amendment to the Exploration and Production Sharing Agreement (EPSA Amendment) required as conditions precedent to closing the previously announced Viking Farm-out agreement for the Joint Oil Block.

Sonde, Joint Oil and Viking will meet in the near term to execute a series of documents associated with the Assignments and EPSA Amendment. Thereafter, Sonde and Viking can proceed with closing the farm-out, subject to, among other conditions, a condition precedent that the previously disclosed US $50.995 MM bank guarantee (of which Viking is responsible for US $40 MM and Sonde is responsible for the remainder) must be fully funded prior to closing.

Tags: Sonde Resources