Sonde Resources Corp. Announces Joint Oil Block Update, Results of Annual & Special Meeting of Shareholders & Organizational ...
June 20 2014 - 5:01PM
Marketwired
Sonde Resources Corp. Announces Joint Oil Block Update, Results of
Annual and Special Meeting of Shareholders and Organizational
Changes
CALGARY, ALBERTA--(Marketwired - Jun 20, 2014) - Sonde Resources
Corp. ("Sonde" or the "Company") (TSX-VENTURE:SOQ)(NYSEMKT:SOQ)
announced the following operational updates today:
North Africa
In March 2014, Sonde retained Taylor-DeJongh, Inc. to initiate a
process to explore and evaluate potential strategic alternatives to
enhance shareholder value with regard to the Joint Oil Block. The
process has included discussions with in excess of twenty
international petroleum entities and financial institutions.
Several interested parties have executed confidentiality
agreements, met with management and staff and are evaluating the
data provided in the virtual data room.
The preparations for drilling the Fisal-1 well have progressed.
All long lead materials (casing and drilling support material) have
been ordered and initial deliveries arrived in Sfax, Tunisia (shore
base) last week. Preparations are underway to perform the site
surveys in anticipation of commencing drilling operations in early
fourth quarter of 2014.
The 3D seismic survey acquired in late 2013 has been processed
and initial evaluation of the data confirms the potential nature of
the Hadaf structure in Libyan waters. Detailed interpretation work
of the processed seismic data is underway.
Annual and Special Meeting of Shareholders
Sonde's Annual and Special Meeting of Shareholders ("AGM") was
held on June 19, 2014 in Calgary. The shareholders elected Mike
Adams, Kerry R. Brittain, James A. Edmiston, W. Gordon Lancaster,
Toufic Nassif and Dr. William J. F. Roach as directors of the
Company. The shareholders also approved the appointment of Deloitte
LLP as auditors of the Company and approved the renewal of the
stock option plan of the Company.
Organizational Changes
Mr. Kurt A. Nelson has been appointed Chief Financial Officer
commencing July 1, 2014. Mr. Nelson was Sonde's Chief Financial
Officer from March 2011 until August 2013 and has remained active
as a consultant to the Company. Mr. Nelson is replacing Mr. Rene
Beaumier who resigned as Chief Financial Officer effective June 30,
2014. Toufic Nassif, President and CEO of Sonde stated: "Mr.
Nelson's appointment as Chief Financial Officer fits with the
Company's transition of its operational headquarters to Houston. We
would like to thank Rene for his contributions to Sonde during his
time at the Company."
The Sonde Board of Directors has appointed Mr. Mike Adams as
Chairman of the Board effective after the AGM. Mr. Adams joined the
Sonde Board in March 2014. Mr. Adams is currently an independent
energy business consultant based in Vancouver and Calgary with more
than 40 years of experience mainly in petroleum reserves and
resource analysis, and energy related M&A transactions. Until
2013, Mr. Adams was Vice President Global Business Development and
Internal Qualified Reserves Evaluator with Talisman Energy. Prior
thereto Mr. Adams was Managing Director of Waterous and Co., an
investment bank, in its Calgary, Houston and London offices. Mr.
Adams started his career with Shell International with assignments
in the UK, Norway, the Netherlands and Brunei. He holds a Bachelor
of Science degree in Physical Chemistry from Imperial College,
London University and a Master of Science degree in Petroleum
Engineering from the Royal School of Mines, London University.
Kerry Brittain has stepped down as Chairman of the Board, but
remains a director of the Company.
About Sonde
Sonde Resources Corp. is a Calgary, Alberta, Canada based energy
company engaged in the exploration and production of oil and
natural gas. Its operations are located offshore North Africa and
in Western Canada. See Sonde's website at www.sonderesources.com to
review further details on Sonde's operations.
Forward-Looking Information - This news release contains
"forward-looking information" within the meaning of applicable
Canadian securities laws and "forward-looking statements" within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. These statements include, among others, those concerning the
evaluation of strategic alternatives with regard to the Joint Oil
Block, timing with respect to the drilling of the Fisal-1 well and
the exploration potential in respect of the Hadaf structure.
Such forward-looking information or statements are based on a
number of risks, uncertainties and assumptions which may cause
actual results or other expectations to differ materially from
those anticipated and which may prove to be incorrect. Assumptions
have been made regarding, among other things, market and operating
conditions, plans for and results of exploration and development
activities, availability of capital, capital and other
expenditures, the timing for receipt of governmental approvals
related to the drilling of the Fisal-1 well and access to a
drilling rig and necessary equipment and personnel for the drilling
of the Fisal-1 well. Actual results could differ materially due to
a number of factors, including, without limitation, changes in
market conditions, operational risks in development and
exploration, and commodity price volatility; the uncertainty of
reserve estimates; risks and uncertainties involving geology of oil
and gas deposits; the uncertainty of estimates and projections in
relation to production; volatility in the capital markets and
changes in the availability of capital generally; risks in
conducting foreign operations, including political and fiscal
instability and the possibility of civil unrest or military action;
changes in government policies or laws; risk that government
approvals may be delayed or withheld; and commercial risks.
Additional assumptions and risks relating to the Company and its
business and affairs, including assumptions and risks relating to
the estimation of reserves, are set out in detail in the Company's
AIF, available on SEDAR at www.sedar.com, and the Corporation's
annual report on Form 40-F on file with the U.S. Securities and
Exchange Commission. Although management believes that the
expectations reflected in the forward-looking information or
forward-looking statements are reasonable, prospective investors
should not place undue reliance on forward-looking information or
forward-looking statements because Sonde can provide no assurance
those expectations will prove to be correct. Sonde bases its
forward-looking information and forward-looking statements on
information currently available and does not assume any obligation
to update the forward-looking information or forward-looking
statements unless required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Sonde Resources Corp.Suite 3100, 500 - 4th Avenue S.W.Calgary,
Alberta, Canada T2P 2V6Toufic Nassif - President and Chief
Executive OfficerPhone: (403) 294-1411Fax: (403)
216-2374www.sonderesources.com
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