Eurogas International and its joint venture partner, Atlas Worldwide Exploration Ltd (“APEX”) said they have received approval from the Tunisian regulatory authorities for the renewal of the Sfax Offshore Exploration Permit (the “Sfax Permit”), covering approximately one million acres located in the shallow Mediterranean waters in the Gulf of Gabes, offshore Tunisia and southeast of the city of Sfax.
The renewal, announced by Eurogas International on Friday, is for a period of three years from December 9, 2012 to December 8, 2015 (the “First Renewal Period”).
In addition, the joint venture’s current drilling obligation pursuant to the initial term of the Sfax Permit is to be transferred to the First Renewal Period.
The terms and conditions of the First Renewal Period will be set out in a convention, currently being prepared and is expected to include an option to further extend the First Renewal Period.
Additionally and as previously established under the terms of the Sfax Permit, the First Renewal Period will carry an additional one well drilling obligation.
Eurogas International Inc. is an independent oil and gas exploration company listed on the Canadian National Stock Exchange.