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Thursday, March 17, 2022
Upland Resources Limited has inked a Heads of Terms (HoT) agreement with Pennpetro Energy PCL (Pennpetro) for a proposed farm-in into its Saouaf permit area Tunisia. Pennpetro Energy enters these HoT with Upland through its wholly owned subsidiary enterprise, Nobel Petroleum USA, Inc (NPUSA).
Upland’s subsidiary holds a 50% interest in the Saouaf Prospecting Permit in the Saouaf area of Tunisia (Permit) in a Joint Venture with the Tunisian state oil company, Entreprise Tunisienne d’Activités Pétrolières (ETAP).
Pennpetro Energy wishes to enter into a standard petroleum Farm-In agreement with Upland’s subsidiary in respect of the Saouaf Asset. Pennpetro Energy and NPUSA understand that the current residual work program needs to be carried out prior to the current expiry of the Saouaf Permit on 23 December 2022 including an obligation to complete the acquisition of three hundred (300) line kilometers of 2D seismic, which Pennpetro has agreed to meet under the Farm-in. Pennpetro and Upland intend to work together to put in place an extension to the period to complete this work program.
Following completion of the current work program, the holder of the Prospecting Permit has a priority right to convert this permit into an Exploration Permit, which will require:
These costs will be shared between Upland and Pennpetro on an 20%-80% basis.
As a condition of the Farm-in, Pennpetro’s subsidiary, NPUSA, will be the Operator for the Permit and will become a party to the joint venture arrangements that Upland’s subsidiary, Upland (Saouaf) Limited (Upland Saouaf), already has with ETAP. The overall interests upon completion of the Permit will be as follows: · Nobel Petroleum USA, Inc. 40%; ETAP 50%; and Upland Saouf with 10%.
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