GEM Signs LOI With Petroskandia for Tebourosouk Block

Source: www.gulfoilandgas.com 4/23/2013, Location: Africa

Resource Ventures, Inc, through its wholly-owned subsidiary, Global Energy Management Ltd., ("GEM"), has signed a Letter of Intent ("LOI") with Petroskandia AB of Sweden, an oil and gas exploration, production and trading company. Subject to due diligence and the subsequent signing of a definitive Joint Venture Agreement, the terms of the LOI anticipate the joint exploration and development on the Tebourosouk Block in Tunisia. The Joint Venture will include a farm-in agreement under which GEM would earn a 25% retained interest in the block in return for exploration and development funding.

The Tebourosouk Block is jointly owned by Petroskandia (50%) and Entreprise Tunisienne d'Activites Petroliere (ETAP), the Tunisian state-owned oil and gas exploration company (also 50%).

The Teboursouk permit lies in the two main structural zones of the northern Tunisia, the Tellian atlas and the northern portion of the Tunisian atlas. The block is onshore near the Utique gas producing field (ETAP) and has a total area of 4956 square kilometers (1913 square miles). Petroskandia and Resource Ventures intend to develop and implement a robust exploration program upon signing of a Joint Venture Agreement.

Commented CEO Bob Thompson, "On March 21, 2013, Resource Ventures announced that its wholly-owned subsidiary, GEM, has placed a bid on a 2700 square kilometer (1042 square mile) oil concession in North Africa. The addition of a second North African concession to Resource Ventures's portfolio would very rapidly advance the company's strategic Oil and Gas Exploration Plans."

For more information about related Opportunities and Key Players visit North Africa Projects


Brazil >>  6/27/2022 - Petrobras, following the announcements released on 02/08/2021, 08/25/2021 and 10/01/2021, informs that it restarted the sale processes of the Abreu e ...
South Africa >>  6/27/2022 - In accordance with a farmout agreement (the "Agreement"), Eco (Atlantic) Oil & Gas Ltd., the oil and gas exploration company with a focus on the offsh...

United States >>  6/27/2022 - Sitio Royalties Corp. (STR) ("Sitio") announced that it has completed the acquisition of over 19,700 net royalty acres ("NRAs") in the Permian Basin f...
Brazil >>  6/24/2022 - Petrobras, following up on the release disclosed on 06/23/2022, informs that it signed with BW Energy Maromba do Brasil Ltda (BWE), the contracts for ...

Brazil >>  6/23/2022 - Petrobras, following up on the release disclosed on 06/14/2022, informs that its Executive Board, in a meeting held, approved the sale of its total st...
Brazil >>  6/23/2022 - BW Energy has been notified that the Company’s offer to acquire the Golfinho and Camarupim Clusters offshore Brazil has been approved by the Petrobras...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.