Pennpetro Energy PLC - oil producer in Texas - Signs agreement with fellow London listing Upland Resources Ltd to farm-in to the Saouaf permit area in Tunisia, which Upland holds in a joint venture with state oil company Enterprise Tunisienne d'Activites Petrolieres. Pennpetro subsidiary Nobel Petroleum USA Inc will take an 80% working interest and assume operatorship, subject to the approval of ETAP. The current work programme at Saouaf needs to be completed by December 23 this year, at which point the permit can be converted into an exploration permit. After conversion to an exploration permit, Nobel will hold a 40% working interest, with ETAP holding 50% and Upland 10%. Pennpetro will reimburse Upland 80% of its sunk costs in Tunisia, up to GBP290,000 and paid in shares.
Separately, Pennpetro raises GBP350,000 from the placing of 1.2 million shares at 30 pence each by its new broker, Peterhouse Capital Ltd. The new shares are about 1.5% of Pennpetro's expanded total.
Pennpetro current stock price: 30.00p, up 9.1% on Wednesday
12-month change: up 33%
By Tom Waite; thomaslwaite@alliancenews.com
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Pennpetro Energy (PPP)
Upland Resource (UPL)