Upland Secures Tunisia Gas Block
London-listed Upland Resources has secured a licence onshore northern Tunisia, it said August 1 .
The exploration and appraisal licence covers 4,004 km2 of open acreage comprising the Saouf Permit, which it believes holds recoverable gas potential. It said a gas discovery was made in the area 50 years ago, before local gas markets were opened up, and there is spare capacity in the pipelines that cross the permit area.
Upland will act as operator and hold a majority stake in the permit. In the event of a new discovery, Tunisian state producer Etap would have a right to "back in" for a minority stake by paying its share of past costs and funding its share of future costs. Upland now plans an initial new 2D seismic survey. Award of the licence is subject to Upland lodging a bank guarantee, which it says it can afford to do.
Upland’s only other asset is a non-operated 16.67% stake in UK east Midlands exploration block SK46c, of which Ineos is the operator. (Banner photo is of Tunis, credit: the government)