Canadian independent Sonde Resources announced on Monday that it had received a one-year extension on the first phase of its exploration efforts in the Zarat field, located on the Joint Oil block – formerly known as the 7th of September block – which straddles the Tunisia-Libya maritime border.
The extension will give Sonde more time to secure funding for the project, Sonde chief executive Jack Schanck said.
“We are looking for joint venture partners, or to sell stakes in or all or part of the block,” he added.
The company is unlikely to sell the entire block, he added, “but we’ll listen to offers”.
He said “a few people” have called Sonde expressing interest in the block. The company is preparing to launch a formal process for interested partners and will hold a board meeting later this week to nail down the details, he said.
Sonde hopes to have a partner in place within six months. The company is obligated to continue its exploration operations on the 780,000-acre Joint Oil block by September of this year.
Sonde is “pursuing a plan of development around that well”, Schanck said. The next step will be drilling a probe called Faisel-1, the second in a three-well commitment on the block.