Sonde Resources Corp. announced today that it will receive a total of US$97.0 million from the sale of Sonde’s 25% interest in Block 5(c), located off the east coast of Trinidad and Tobago.
Sonde sold the interest for US$87.5 million and received cash consideration of US$75.5 million plus purchase price adjustments of US$1.5 million and will receive US$57.0 million after applying the US$20.0 million deposit. Sonde will immediately request the return of the US$20 million security deposit on Block 5(c) from BG International Limited (BG). This deposit has been reported as restricted cash within assets held for sale on the balance sheet.
Sonde will use the proceeds to fund its Western Canada drilling program and reduce its short term debt as appropriate.
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 in Western Canada and North Africa.
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Source: Sonde Resources , June 23, 2011;