Upland Resources Limited Update on Tunisia (5189Z)
September 15 2022 - 2:00AM
UK Regulatory
TIDMUPL
RNS Number : 5189Z
Upland Resources Limited
15 September 2022
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15 (th) September 2022
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 22(nd) 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."
-ENDS-
This announcement contains inside information within the meaning
of Article 7(1) of (i) Regulation (EU) No 596/2014 of the European
Parliament and of the Council of 16 April 2014, as amended (the "EU
Market Abuse Regulation") and (ii) the EU Market Abuse Regulation
as it forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018.
For further information, please contact:
Upland Resources Limited www.uplandres.com
Bolhassan Di, Chairman, Tel: +60 198 861 919
Interim CEO
bolhassan@gmail.com
bolhassan@uplandres.com
Optiva Securities - www.optivasecurities.com
Broker
Christian Dennis Tel: +44 (0)20 3411 1903
(Corporate Broker) christian.dennis@optivasecurities.com
Flowcomms - IR Contact
Sasha Sethi Tel: +44 (0)7891 677441
sasha@flowcomms.com
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END
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