Continental Focus, International Reach

Upland Updates Saouaf Permit in Tunisia

Wednesday, April 24, 2019

Upland’s wholly-owned subsidiary Upland (Saouaf) is now the operator of the highly prospective 4,004 sq km Saouaf Permit area, onshore Tunisia, following recent approval from the Hydrocarbon Consultative Committee of the government of Tunisia.

The company revealed that it has received several unsolicited approaches for farm-ins to the Saouaf License and is progressing these with interested oil companies. Upland sees this early interest as a further validation of the potential of its new asset.

The Saouaf License is estimated by the independent Competent Person, Blackwatch Petroleum Services Limited, to hold recoverable Pmean resources of approximately 2 Tcf of gas across thirteen prospects and leads. This includes the existing Dekrila gas discovery, alone estimated to host a 227 Bcf recoverable resource and the Bou Dabbous Flower structure with an estimated 813 Bcf recoverable. A detailed breakdown of leads and prospects is included below. As is required under the terms of the Saouaf License, a $1-million bank guarantee has been put in place. This will be released as the work commitments under the Saouaf License are fulfilled.

The area also has considerable oil potential in addition to the above. This includes the SNJ prospect with estimated Pmean recoverable resources of 42 MMbbl and where the SNJ-1 well had good oil shows and remains largely untested.

In addition, ETAP has asked Upland to look at farming-in to specific, producing Tunisian oil fields where the company’s expertise and access to funds will be of mutual benefit. A number of additional producing fields in Tunisia and elsewhere are also being assessed as candidates for a potential farm-in which would provide Upland with an ongoing revenue stream. These fields are mainly oil producers, at various stages of field life, most of which could provide Upland with net production rates in excess of 100 bpd.