London oil and gas company reaches farm-in agreement on Tunisian venture

London based oil and gas company Pennpetro has, via its Nobel Petroleum USA Inc, has reached an agreement for a petroleum farm-in with Tunisian oil company Entreprise Tunisienne d’Activités Pétroliéres.

The head of terms signed for Nobel Petroleum to farm-in for 80 per cent working interest and assume operatorship, subject to ETAP approval. NPUSA will be appointed as the Operator for the Permit and a formal Operating Agreement will be executed.

Tom Evans, CEO of Pennpetro Energy PLC, commented: “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 our 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.

“Pennpetro and Nobel remain very excited and committed to continuing our Gonzales development programme.”