Upland Resources Limited Signing of Tunisian Farm-out Agreement (2243T)
21 Julio 2022 - 1:00AM
UK Regulatory
TIDMUPL
RNS Number : 2243T
Upland Resources Limited
21 July 2022
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21(st) July 2022
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Farm-out Agreement signed - Saouaf permit area on-shore
Tunisia
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").
Both Upland and Pennpetro have previously announced the signing
of a Heads of Terms agreement with on 16 March 2022.
Farm-In
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.
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:
-- Nobel Petroleum USA, Inc. 80%
-- Upland Saouaf 20%
The Saouaf Permit can, under its priority rights, be converted
into an exploration permit at the Expiry Date. In the three years
following that Expiry Date, the exploration work programme requires
the acquisition of 150 km of 2D seismic and the drilling of one
exploration well to reach the M'cherga formation or equivalent to a
minimum depth of 1500m.
Upon the conversion to the Exploration Permit, the working
interests will be as follows:
-- Nobel Petroleum USA, Inc. 40%
-- ETAP 50%
-- Upland Saouaf 10%
Subject to Extension, Pennpetro has agreed to reimburse Upland
for 80% of its prior sunk costs in Tunisia, amounting to
GBP310,225. This will be paid through the issue of fully paid
ordinary shares in Pennpetro ranking pari passu with other ordinary
shares in Pennpetro at a deemed value of the higher of either
GBP0.28 each or 10% discount to the closing mid-market pricing of
the Company's shares on the date of the Company's RNS confirming
the Extension.
The Saouaf permit hosts up to 10 gas prospects and leads with
multi-trillion cubic feet gross potential in multiple targets and
is strategically located relatively close to gas pipeline
infrastructure (the TransMed pipeline).
Upland Chairman Bolhassan Di commented:
"We are delighted to be able to progress our prospective
partnership with Pennpetro and look forward to successfully
developing the Tunisian Saouaf Permit with them. Saouaf is a large
scale potentially multi-trillion cubic feet gas asset with multiple
leads and prospects situated in near proximity to the TrasnsMed gas
pipeline that supplies gas from Algeria through Tunisia and into
Europe via Sicily. Europe's energy needs have never been as vital
as they are now and further developing this asset has potential to
provide exceptional returns for investors upon success.
Following valuable technical interpretations of existing data
from Upland's technical team we look forward advancing to the next
stage of development namely capturing modern 2D seismic over a huge
300 line-kilometer area and through further understanding of the
license potentially opening an exciting new hydrocarbon play of
great strategic import in Tunisia.
Through this proposed farmout agreement, Upland also not only
mitigates its work commitment costs on Saouaf but retains exposure
to upside in the license through a residual stake in Saouaf and the
option discussed above. We look forward to working further with
Pennpetro and ETAP and to updating shareholders further in due
course."
**ENDS**
For further information, please contact:
Upland Resources Limited www.uplandres.com
Bolhassan Di, Chairman, Tel: +60 198 861 919
Interim CEO
bolhassan@gmail.com
bolhassan@uplandres.com
Optiva Securities www.optivasecurities.com
- Broker
Christian Dennis Tel: +44 (0)20 3411 1903
(Corporate Broker) christian.dennis@optivasecurities.com
Flowcomms - IR Contact Tel: +44 (0)7891 677441
Sasha Sethi sasha@flowcomms.com
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