Upland Resources Limited is pleased to announce that, further to the announcement made on July 21, 2022 regarding its farm-out agreement in Tunisia, a meeting was held in Tunis on September 9, 2022. The meeting was attended by representatives of Pennpetro Energy PLC (PPP), its subsidiary Nobel Petroleum USA Inc. and Upland, with the Directeur Général des Hydrocarbures (DGH) (representing the licensing authority in Tunis) and the Entreprise Tunisienne d’Activités Petrolières (ETAP).
The agenda of the meeting included the current status of the Saouaf exploration license, the extension of its validity period and the farm-out agreement with PPP.
Upland’s Tunisian legal advisor is liaising with DGH and ETAP to prepare the required documents for the submission of an extension request to DGH. A deadline of October 22, 2022 has been set for the submission of documents in support of an application to extend the Saouaf Permit to December 23, 2023.
A final deadline of November 5, 2022 was set by a formal notice dated September 5, 2022 received from the Tunisian Ministry of Industry, Mines and Energy.
The notice requested the replacement of an expired bank guarantee of US$1 million by November 5, 2022. Under the terms of the Farm Out Agreement (FOA) with PPP announced on July 21, 2022, PPP is responsible for meeting the financial obligations associated with the license extension, subject to PPP and the Tunisian authorities being satisfied with the outcome.
Upland will inform the market in due course of any developments regarding the license extension and FOA approval.
Bolhassan Di, President of Upland, commented: “The company is encouraged by the progress made at recent meetings and is committed to working diligently with Pennpetro Energy to extend the Saouaf permit period for an additional year and complete the farmout.”