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US$1m deposited Q42018, to be "released in part one week after the start of acquisition of the new 2D seismic data and the balance after interpretation of this data has been completed."
Do we know if there are trigger points for releasing tranches of the funds under escrow or is it only a lump sum at the end of the whole phase? Just thinking that this might be relevant for completing particular work steps on current Saouaf licence - and if we might be in line for getting some money back soon! Am I right in thinking we have $1 million sitting there in escrow?
Thanks Serif.
I've not seen anything that refers to ETAP charging by acreage, so no costs there. They seem to prefer to get their share via 50% buy-in rights after project is derisked. They incentivise licensee, as we saw, with chunk of the work commitment funding being put under escrow. But that happens after application and offer of licence and before formal permit signing. Funds are released as commitments are met.
Amnesic, great read - thank you for sharing your thinking and research. Very encouraging both because of the possibilities it raises and to hear about some of CPs thinking and work. Have felt too much in the dark about this (no interviews, few RNS etc.), but these possibilities look a lot more exciting and potentially achievable. Would presumably need to sort out the funding for more acreage but that has always been the case and so far we seem to have had very committed investors behind this company.
Hi Serif
Just putting forward possibilities. We can each form our own view on probabilities.
We know ..
- UPL have an option to expand Saouaf block acreage.
- ETAP redefine blocks to make them more marketable.
- ETAP redefined some blocks some time before 31-Dec-2019.
- CP has been to ETAP multiple times late last year/early this.
- last opportunity to see ETAP face-to-face was Mar-2020, in London.
- applications made by 30-Apr are normally decided by 31-Jul.
- we have an in country rep/admin.
- Roberto is now directed at Tunisia technical work.
- Italian residents may enter Tunisia freely since 27-Jun.
- recent RNSs mention "in and around" Saouaf, "regional studies" and frequently suggest intent to look for additional permits/assets in Tunisia.
Whether such applications have already been made is unkown to us.
Additionally, the Saouaf CPR does show some prospects/discoveries just outside of the block. I have before found and posted here petroleum geology research papers that reference some interesting features and data just outside the Saouaf borders at various locations NW, W, SW & S.
I recently found some information on a company with assets in Tunisia that appears now to be in financial difficulty. I forwarded details to CP and it is clear from his reply that he has already spoken with their CEO (about one asset, at least), but it seems that neither party wanted then to pursue negotiations further. So "a number of potential assets are currently under consideration or evaluation including well intervention / drill-ready candidates and existing production" is certainly happening in the background.
ATB
Are you thinking that we might be in the running for one of these additional blocks to be announced before end of July?
Further to my post below (Sunday), where I mentioned ETAP blocks have been redefined. Here are like-for-like comparison maps of the blocks around Saouaf at Aug-2018 (bottom) and Dec-2019 (top).
https://snipboard.io/QAIzPr.jpg
Douleb (SW) carved up and part allocated against ETAP's name.
Jougar (NW) expanded south down Saouaf's western boundaries.
Mellegue (W) explanded east to border Saouaf.
Sidi Salem & Kairouan (SE) northern portions joined to form Sidi El Heni.
Errend (NE) hatched as "requested" block, presumably still Tethys Petroleum application from Jun-2018.
Indeed copperpot. Last year's news of extension of the in country gas supply network to feed/encourage domestic/industrial markets in northern Tunisia was also of interest.
https://twitter.com/_amnesic/status/1145255614571896832
Perhaps new things to add interest locally soon too.
ATB
Thanks amnesic. Don't you just love those orange lines going smack bang through our block!
ETAP have been back at work since the lockdown and have also made some minor updates to their website.
Open blocks have been summarised to a simple list and each now has a simple reference number.
http://www.etap.com.tn/index.php?id=1184&lg=3
(Sadly, links to further detail on some of the blocks have been removed)
A new page summarising their most recent promotion activies (exhibitions/conferences/data rooms), including mention of their attendance at APPEX in London back in March.
http://www.etap.com.tn/index.php?id=1631&lg=3
... and their E&P News journal (which is now a year old)
http://www.etap.com.tn/rapports/E&P_News_Juin2019.pdf
Here's a handy map of Tunisia's blocks.
https://snipboard.io/pRVNQ7.jpg
(2018 - so some blocks have been redefined/renamed since it was produced)