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UPLAND RESOURCES LIMITED
(“Upland” or the “Company”)
Update on Tunisia
Upland Resources Limited is pleased to announce that further to the announcement released on 21 July 2022 in relation to its Tunisian Farmout Agreement, a meeting in Tunis was held on 9 September 2022 involving representatives of Pennpetro Energy PLC (PPP), its subsidiary Nobel Petroleum USA Inc and of Upland with the Directeur General des Hydrocarbons (DGH) (representing the Granting Authority in Tunisa) and Enterprise Tunisienne d’Activities Petrolieres (ETAP).
The meeting agenda included the current status of the Saouaf Prospecting Permit, the extension of its validity period and the Farmout with PPP.
Upland’s Tunisian legal advisor is liaising with DGH and ETAP to prepare the required documents for the submission of an extension application to DGH. A deadline of 22nd of October 2022 has been established for submission of documents in support of an application for extension of the Saouaf Permit to 23 December2023.
A final deadline of 5 November 2022 has been set by way of a Formal Notice dated 5 September 2022 received from the Ministry of Industry Mines and Energy of Tunisia. The Notice requested the replacement of an expired bank guarantee of US$1M on or before 5 November 2022. Under the terms of the Farm Out Agreement (FOA) with PPP announced on 21 July 2022, PPP is responsible for meeting the financial obligations associated with the license extension conditional upon both PPP and the Tunisian authorities being satisfied with the result.
Upland will update the market in due course with any developments in respect of the extension of the permit and approval of the FOA.
Bolhassan Di, Chairman of Upland, commented:
“The Company is encouraged by progress made at recent meetings and is committed to working diligently with Pennpetro Energy to extend the Saouaf Permit validity period for a further 1 year and complete the farm-in.”
| Upland Resources Limited | www.upland.energy |
| Bolhassan Di, Chairman and CEO | Tel: +60 198 861 919 [email protected] [email protected] www.upland.energy |
| Optiva Securities Limited | |
| Christian Dennis (Corporate Broker) | Tel: 020 3137 1903 [email protected] www.optivasecurities.com |
| Flowcomms Ltd | |
| Sasha Sethi | Tel: +44 (0)7891 677441 [email protected] https://www.flowcomms.com/ |