Sonde Resources Corp. report that the Board and management of Sonde Resources Corp. has begun an initiative to identify and evaluate alternatives to finance its remaining North Africa obligations.

These alternatives may be comprised of one or more transactions to sell, farm-out, joint venture or seek any other alternatives with regard to its 100% working interest in the Joint Oil Block in North Africa.

The initiative will examine all possible alternatives for the Joint Oil Block to maximize value to Sonde's shareholders, focusing on finding a party to fund the remaining three exploratory well commitment. By funding the exploration program the party may earn part of Sonde's working interest in the Joint Oil Block.

Sonde cautions shareholders and other stakeholders that there is no assurance that this review of alternatives will result in any specific strategic or financial transaction. Sonde will pursue this initiative expeditiously but no timetable has been set for its completion. Sonde will inform the market on material developments as and when appropriate or required. Sonde has appointed Bank of America Merrill Lynch to assist Sonde in this process.

Tags: Sonde Resources