Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Pennpetro wades into Tunisia with Upland deal

© Supplied by EniPipeline sections in sandy desert
Picture shows; The Algeria-Italy gas pipeline. Algeria. Supplied by Eni Date; Unknown

US-focused Pennpetro has set out a plan to diversify into Tunisia through a deal with Upland Resources.

Pennpetro said its Nobel Petroleum USA subsidiary had signed a heads of terms (HoT) agreement to farm into the Saouaf permit.

Nobel would take an 80% stake in the block and take over as operator. Upland would hold the remaining 20%.

The new company in the licence will cover 80% of Upland’s historic costs in Tunisia, capped at £290,000. It will pay these costs in Pennpetro shares.

The current permit requires the companies to acquire 300 km of 2D seismic before December 23 this year. Talks on an extension have already begun.

When the permit ends, the companies can convert the licence into an exploration permit. This will require the drilling of one well, to reach the M’cherga formation, or a depth of at least 1,500 metres. It also requires the acquisition of another 150 km of 2D seismic.

On conversion, Nobel will have a 40% stake, Upland 10% and Enterprise Tunisienne d’Activités Pétroliéres (ETAP) 50%.

The HoT also gives Pennpetro a right of first refusal for Upland’s UK assets. The company has a 32% stake in P2478 and 25% in PEDL 299.

Pennpetro CEO Tom Evans said the deal was “an important strategic milestone”. Upland has carried out “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.”


Sauoaf holds 10 gas prospects and leads, with up to 15.2 trillion cubic feet of gross potential. Pennpetro highlighted the Pyrite prospect as a particular opportunity.

Thirteen seismic lines define the Pyrite prospect, in the Lower Cretaceous-Jurassic level. Previously, Upland has suggested the prospect has a most likely resource of 1.1 tcf.

Pennpetro appointed Nobel president Andy Clifford in April 2021. Clifford has been involved in negotiations in North Africa in the past and oil discoveries in Algeria.

Upland announced it could not file its accounts for the period ending June 30, 2021, in January this year. The company failed to meet the extended deadline and, as a result, the London Stock Exchange suspended its shares.

The company flagged a financial liability associated with its Tunisian permit as preventing the conclusion of the audit. It will be able to begin trading again once it has published the 2021 accounts.

Recommended for you

More from Energy Voice

Latest Posts