Sonde Resources Corp. announced that it has reached an agreement with Joint Oil to extend the drilling of the first exploration well, Fisal-1, required under the Exploration and Production Agreement as amended (EPSA), from December 2013 to November 2014. The Agreement requires Sonde to deliver to Joint Oil a Confirmed Standby Letter of Credit in the amount of USD 15 million by no later than January 10, 2014.

The Agreement will allow Sonde to use these restricted funds to meet its payables in respect of the Fisal-1 Well if it is drilled by November 2014. If Sonde does not drill the Fisal-1 Well on or before November 30, 2014, Joint Oil shall have the right to draw the USD 15 million under the Letter of Credit as payment of the penalty under the EPSA. Once the Letter of Credit is delivered, Joint Oil will reduce Sonde's existing USD 45 million Corporate Guarantee by USD 15 million, for a new total of USD 30 million.