Business
Signing of Tunisian Farm-out Agreement
Signing of Tunisian Farm-out Agreement.
About this update from Upland Resources Ltd
[{"type":"text","content":"\n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN\n \n \n \n \n \n \n This announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.\n \n \n \n \n \n \n \n \n \n \n \n \n 21st July 2022\n \n UPLAND RESOURCES LIMITED\n \n \n (\"Upland\" or the \"Company\")\n \n \n \n \n \n \n \n Farm-out Agreement signed - Saouaf permit area on-shore Tunisia\n \n \n \n \n Upland Resources Limited (LSE: UPL), is pleased to announce that a Farmout Agreement has been signed between Upland Saouaf, a wholly owned subsidiary of the Company, and Pennpetro Energy PLC (\"PPP\" or \"Pennpetro\") through Pennpetro's wholly owned subsidiary, Nobel Petroleum USA Inc (\"NPUSA\"), for a farm-in into Upland's Saouaf permit area in Tunisia (\"Saouaf Permit\"). The Saouaf Permit is held in joint venture with the Tunisian state oil company, Enterprise Tunisienne d'Activités Pétroliéres (\"ETAP\").\n \n Both Upland and Pennpetro have previously announced the signing of a Heads of Terms agreement with on 16 March 2022.\n \n \n \n Farm-In\n \n \n \n \n \n \n \n \n Pennpetro wholly owned subsidiary NPUSA will farm-in for an 80% working interest and assume operatorship, subject to ETAP approval. NPUSA and Upland will jointly seek from the Tunisian authorities a one-year extension (\"Extension\") to the Saouaf Permit to allow sufficient time to undertake the current prospective work programme which expires on 23 December 2022 (\"Expiry Date\"), consisting of an obligation to acquire 300 km of new 2D seismic data and reprocessing some existing 2D seismic data. Extension negotiations have already been initiated referencing the Hydrocarbon Code of Tunisia.\n \n \n \n \n \n NPUSA will be appointed as the Operator for the Saouaf Permit and a formal Operating Agreement will be executed. The working interests of NPUSA and Upland Saouaf (interest carried by NPUSA) up to the Expiry Date are as follows:\n \n \n \n \n \n · Nobel...