REG - Pennpetro Energy PLC - Clarification re Farm-In, Tunisian Saouaf Licence

Pennpetro EnergyAnnouncement

24/06/2022 14:45

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RNS Number : 1744Q  Pennpetro Energy PLC  24 June 2022

Pennpetro Energy PLC

("Pennpetro" or the "Company")

 

Clarification re Proposed Farm-In and Tunisian Saouaf Licence

London, 24 June 2022 - Pennpetro, an independent oil and gas company focusing
on production in the Gonzales Oil Field in Texas, USA, would like to clarify
the recent RNS statement issued by Upland Resources Limited ("Upland") on 20
June 2022, which caused deep market uncertainty as to the status of its Saouaf
permit in Tunisia and specifically as to the intending role of the Company.

Upland sent official apologies to Pennpetro for the unintended consequences
caused by the narrative in its announcement, and in his address to Pennpetro's
management, Mr. Amin Azal Nasharuddin, a Board director of Upland Resources
Limited, confirmed that Pennpetro retains the exclusivity to the Farm-In to
the Saouaf Permit until 15 July 2022, while both parties use their best
efforts to finalise and execute the Farm-Out Agreement currently in draft
form.

As announced on 16 March 2022, Pennpetro, through its wholly owned subsidiary
enterprise Nobel Petroleum USA Inc, signed an exclusive Heads of Terms
agreement with Upland for a proposed petroleum Farm-In to its Saouaf permit
area Tunisia held in joint venture with the Tunisian state oil company,
Enterprise Tunisienne d'Activités Pétroliéres.

The Sauoaf permit area hosts 10 gas prospects and leads with up to 15.2
trillion cubic feet gross potential in multiple targets. The risked resource,
independently audited by highly respected third-party engineers, is 420
billion cubic feet of gas plus 1.6 million barrels of oil equivalent net to
Pennpetro. The Pyrite prospect offers an opportunity to open up an exciting
new play in the area.

-END-

 

Enquiries

 

 Pennpetro Energy plc

 Thomas Evans          tme@pennpetroenergy.co.uk (mailto:tme@pennpetroenergy.co.uk)
 Instinctif

 Galyna Kulachek       pennpetro@instinctif.com (mailto:pennpetro@instinctif.com)

 Sarah Hourahane       +44 (0) 20 7457 2020

 

NOTES TO EDITORS

 

Pennpetro Energy is an independent oil and gas company focusing on production
in the Gonzales Oil Field in Texas, USA. Shares in the company were admitted
to the Official List of the London Stock Exchange by way of a Standard Listing
on 21 December 2017.

 

Further information on the Company can be found at www.pennpetroenergy.co.uk
(http://www.pennpetroenergy.co.uk)

 

 

 

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