Pennpetro, an independent oil and gas has signed through its wholly owned subsidiary enterprise Nobel Petroleum USA Inc (“NPUSA”) a heads of terms (“HoT”) agreement for a propose petroleum farm-in with the Tunisian state oil company, Enterprise Tunisienne d’Activités Pétroliéres (“ETAP”).
The terms of the agreement allow Nobel Petroleum to acquire an 80% working interest and assume operatorship, subject to ETAP approval. NPUSA will be appointed operator for the license and a formal operating agreement will be signed.
Tom Evans, CEO of Pennpetro Energy PLC, said: “Today’s announcement marks an important strategic milestone under Pennpetro’s expansionary petroleum initiatives. We are excited to partner with Upland in their Tunisian venture.
Upland has done a lot of excellent technical and commercial work to this point and have built an excellent relationship with the Tunisian authorities.
Our timing couldn’t be better given the critical burgeoning need for additional gas and blue hydrogen supplies to Europe, especially given the fact that the Saouaf permit area is situated under the existing TransMed gas pipeline feeding gas from Algeria to Italy with spare capacity.
Andy Clifford, President of the wholly owned subsidiary, Nobel Petroleum USA Inc., is exceptionally well qualified to oversee the future work programme, having over 43 years of worldwide industry experience, including leading negotiating efforts in North Africa and oil discoveries in Algeria for major oil companies.”
