Sonde Resources Corp Is Bankrupt Now

Sonde Resources Corp Is Bankrupt Now

Sonde Resources Corp as of late declared that it has recorded an intentional task in liquidation compliant with the arrangements of the Bankruptcy and Insolvency Act (Canada).

Since 2012, Sonde has been seeking after choices for the Joint Oil Block. Most as of late, in March of 2014, Sonde reported that it had drawn in Taylor-DeJongh, Inc. (“Taylor-DeJongh”) to start a procedure to investigate and assess potential vital other options to upgrade shareholder esteem with respect to the Joint Oil Block.

Sonde’s Management and Taylor-DeJongh have effectively sought after all prospects and alternatives accessible to the Company to finish an exchange that would fulfill Sonde’s critical money related duties under the Exploration and Production Sharing Agreement (“EPSA”) covering the Joint Oil Block however have been not able secure and consummate such an exchange.

Potential financial specialists exhorted the Company and Taylor-DeJongh that the many-sided quality of the Zarat improvement, the high idle gas content, the broad capital expected to propel the Company’s advancement arranges and the absence of advancement on Tunisian government endorsement of the Unitization and Unit Plan of Development of the Zarat Field (after more than three years of transactions), combined with the three exploratory well commitments, were the key hindrances to continuing with such an exchange.

Toufic Nassif, Chief Executive Officer of the Company, expressed that “We at Sonde are to a great degree frustrated that this most recent dismissal by Joint Oil, under the watch of the Tunisian powers, was clearly finished with aggregate negligence to the basic significance of the US$ 1.6 billion Zarat Development to the Tunisian economy and to fulfilling the quick normal gas needs of Tunisia.

Besides, we trust this dismissal was made with the full learning of Joint Oil and the Tunisian powers that it would prompt the indebtedness of Sonde, regardless of the broad speculations made by Sonde in the course of recent years.

The Company likewise reported that the greater part of the officers and executives of the Company have surrendered and that the Company will stay suspended from exchanging in accordance with the strategies of the TSX Venture Exchange.