A ceremony was held, on Thursday, at the Tunisian Ministry of Industry during which the oil exploration license called “Araifa” was granted to Ukrainian Company “Yng Exploration Limited,” in association with the Tunisian Petroleum Activities Company (ETAP).
The Convention was signed by the Tunisian government, represented by Mohamed Lamine CHAKHARI, Minister of Industry on the one hand and Igor BURKYNSKYY, representing “YNG Exploration Limited” and Mohamed AKROUT, CEO of ETAP on the other hand.
This Convention lays down conditions under which the Ukrainian company will conduct the research, development and exploitation of hydrocarbon deposits on the license “Araifa” located in the governorate of “Tataouine” and covering an area of 988 km2.
The program of work of the initial period shall be five (5) years which corresponds to the realization of a seismic survey and the drilling of two exploration wells with an estimated cost of $ 21 million.
Moreover, “YNG Exploration Limited” and the Tunisian Petroleum Activities Company signed an Association Agreement, which defines the terms and conditions of their association.
Under this agreement the Ukrainian company will fund the exploration phase. The ETAP has an option to participate up to 50% in any possible discovery under that license.