DNO reports that on October 20th, an agreement was signed at the Ministry of Industry and Technology for the grant of a hydrocarbon exploration licence permit called 'FKIRINE' between the Norwegian company DNO Tunisia, a 100% owned subsidiary of DNO International and the Tunisian Oil Activities Company (ETAP). The Protocol was signed by Mr. Abdelaziz Rassaa, Minister of Industry and Technology, Mr. Mohamed Akrout, CEO of ETAP, and Erik Syrdalen, Managing Director of DNO Tunisia AS.

Located in central Tunisia, the permit covers an area of 2,064 km2.

DNO Tunisia and the Tunisian Oil Activities Company also entered into a partnership agreement which sets out the terms and conditions of their associational partnership. DNO Tunisia will fund the exploration phase and ETAP has the option to participate within the 50% limit in any possible discovery on this permit. Some 2.5 million U.S. dollars will be invested in the work program that will be valid for two years.

After the two years, DNO Tunisia can change the permit to a research permit. This would mean that it will drill exploration wells / appraisal wells for a period of four years.

Tags: DNO International