Upland Resources Ltd. said late last Friday it was terminating the farm-out agreement with Nobel Petroleum USA Inc. and Pennpetro Energy PLC.
London-listed oil-and-gas company Upland said that the long stop date has passed without certain conditions within the agreement having been fulfilled.
The company said its subsidiaries, UPL (Saouaf) Ltd. and Upland (N Tunisia) Ltd., had given Nobel and Pennpetro seven-day notice of termination of the agreement.
Upland added that Upland (Saouaf) Ltd. applied On Oct. 21 to renew the Saouaf Permit until Dec. 22, 2023, and that the application was under consideration.
On July 21, the company announced a farmout agreement for a farm-in into Upland’s Saouaf permit area in Tunisia between Upland (Saouaf) and Pennpetro Energy’s wholly owned subsidiary, Nobel Petroleum USA.
