{"id":10953,"date":"2021-09-30T13:52:16","date_gmt":"2021-09-30T13:52:16","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=10953"},"modified":"2021-09-30T13:55:25","modified_gmt":"2021-09-30T13:55:25","slug":"sirius-petroleum-provides-tunisia-assets-update","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/sirius-petroleum-provides-tunisia-assets-update\/","title":{"rendered":"Sirius Petroleum Provides Tunisia Assets Update"},"content":{"rendered":"<p class=\"\">On 7 November 2020, we announced the execution of agreements related to the proposed acquisition of an economic interest of up to 40% in Anglo Tunisia Oil &amp; Gas Limited (ATOG). ATOG owns a balanced portfolio comprising production, development and exploration interests in five onshore projects in the Ghadames basin, and two offshore projects in the Gulf of Hammamet. The acquisition was to be completed in phases, involving cash payments and the issue of ordinary shares in the Company.<\/p>\n<p class=\"\">Subsequent to the year end, the Company executed revised agreements with Omega Financial Corporation, a founder shareholder of ATOG, and with ATOG itself, related to the acquisition of the proposed interest in ATOG. Under the terms of the revised Agreement and the consideration paid to date, the Company has acquired a 10% equity interest in ATOG through:<\/p>\n<ul>\n<li>A cash payment of US$500,000, made in November 2020.<\/li>\n<li>The issue of 164,365,714 ordinary shares at 1.75p per share amounting to US$4.0m which will be subject to orderly market conditions following the Company\u2019s proposed IPO on AIM. The shares were issued on 28 June 2021.<\/li>\n<li>The transaction is now complete.<\/li>\n<\/ul>\n<p>The original agreements executed included an option to acquire up to an 80% share of ATOG\u2019s economic interests in the offshore licences, Cosmos and Yasmin, in return for funding the development of these assets. ATOG has, however, recently agreed a farm out of the Cosmos licence to a leading international oil and gas company,\u00a0which remains subject to government approval. The terms of the farm-in\u00a0envisage a significant investment of capital by ATOG and the farminee towards the proposed development of the Cosmos offshore licence and first oil by the third quarter of 2023.<\/p>\n<p>With the imminent completion of this farmout transaction the 10% interest acquired in ATOG by Sirius will now give our shareholders exposure to a fast-track development. Further, as a result of the farmout transaction Sirius will no longer acquire any further interest in ATOG which will reduce our near-term cash acquisition payment obligations by US$7.35m, substantially strengthening our working capital position, while still retaining and also maintaining the Company\u2019s interest in the longer-term benefits from the ATOG portfolio. Sirius is excited by the significant potential for long-term value creation within the ATOG portfolio.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 7 November 2020, we announced the execution of agreements related to the proposed acquisition of an economic interest of up to 40% in Anglo Tunisia Oil &amp; Gas Limited &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/sirius-petroleum-provides-tunisia-assets-update\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":10954,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446,11],"tags":[9651,9647,9648,9650,9476,2578,9649],"class_list":["post-10953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-anglo-tunisia-oil-gas-limited","tag-atog","tag-cosmos","tag-ghadames-basin","tag-sirius-petroleum","tag-tunisia","tag-yasmin","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/09\/Tunisia-Sirius.jpg?fit=635%2C589&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2QF","jetpack-related-posts":[{"id":13281,"url":"https:\/\/www.oilnewskenya.com\/index.php\/sirius-petroleum-changing-name-to-tende-energy\/","url_meta":{"origin":10953,"position":0},"title":"Sirius Petroleum Changing Name to Tende Energy","author":"","date":"February 14, 2023","format":false,"excerpt":"Sirius has announced that it has commenced the process to change the Company\u2019s name to Tende Energy plc. This process is being undertaken over the coming weeks and the Company will update shareholders accordingly when it is completed.\u00a0 Commenting, Bobo Kuti, CEO of Sirius Petroleum, said: \u201cTende Energy will represent\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/Sirius-Petroleum.png?fit=732%2C463&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/Sirius-Petroleum.png?fit=732%2C463&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/Sirius-Petroleum.png?fit=732%2C463&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/02\/Sirius-Petroleum.png?fit=732%2C463&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":10323,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-completes-acquisition-of-the-el-bibane-and-robbana-concessions\/","url_meta":{"origin":10953,"position":1},"title":"TUNISIA: Zenith Energy Completes Acquisition of the El Bibane and Robbana Concessions","author":"","date":"May 13, 2021","format":false,"excerpt":"Zenith Energy has announced that\u00a0 Compagnie Du Desert Ltd, its fully owned subsidiary, has now\u00a0completed the acquisition\u00a0of a 100 percent interest in the fully owned subsidiary of Candax Energy Limited\u00a0 in Barbados, Ecumed Petroleum Tunisia Ltd (EPT), which holds a 100% interest in the El Bibane and Robbana concessions in\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":9098,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-acquires-sidi-el-kilani-from-cnpc\/","url_meta":{"origin":10953,"position":2},"title":"TUNISIA: Zenith Energy Acquires Sidi El Kilani from CNPC","author":"","date":"September 11, 2020","format":false,"excerpt":"Zenith Energy has announced that its\u00a0wholly owned subsidiary Zenith Energy Netherlands B.V. has signed a conditional sale and purchase agreement (SPA) with CNPC International (Tunisia) Ltd., a 100% subsidiary of CNPCI,\u00a0CNPC International Ltd., for the acquisition of a\u00a0working interest in, inter alia, the North Kairouan permit and the Sidi El\u2026","rel":"","context":"In \"CNPC\"","block_context":{"text":"CNPC","link":"https:\/\/www.oilnewskenya.com\/index.php\/tag\/cnpc\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Tunisia-Sidi-El-Kilani.jpg?fit=700%2C863&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Tunisia-Sidi-El-Kilani.jpg?fit=700%2C863&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Tunisia-Sidi-El-Kilani.jpg?fit=700%2C863&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Tunisia-Sidi-El-Kilani.jpg?fit=700%2C863&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":8309,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-makes-first-payment-to-kufpec-for-sidi-el-kilani\/","url_meta":{"origin":10953,"position":3},"title":"TUNISIA: Zenith Energy Makes First Payment to KUFPEC for Sidi El Kilani","author":"","date":"June 11, 2020","format":false,"excerpt":"Zenith Energy has announced that it has made payment for a total of US$250,000 to Kuwait Foreign Petroleum Exploration Company K.S.C.C (KUFPEC), a subsidiary of the State of Kuwait's national oil company, in relation to the acquisition of a 22.5% working interest in the North Kairouan permit and the Sidi\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/TINISIA-SIDI-EL-KILANI.jpg?fit=399%2C530&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":12052,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-pennpetro-energy-pcl-signs-hot-with-upland-resources-for-a-proposed-farm-in-into-its-saouaf-permit-area\/","url_meta":{"origin":10953,"position":4},"title":"TUNISIA: Pennpetro Energy PCL Signs HOT with Upland Resources for a Proposed Farm-in into its Saouaf Permit Area","author":"","date":"March 17, 2022","format":false,"excerpt":"[mcc_donations alignment=\"right\" currencies=\"\" primary_currency=\"random\" show_currencies_as_icons=\"1\" show_currencies_as_select=\"1\" show_currency_as_text=\"1\" show_address=\"1\" qr_code_enabled=\"1\" qr_code_max_width=\"180\"] Upland Resources Limited has announced that a Heads of Terms (HoT) agreement has been signed between the Company and Pennpetro Energy PCL\u00a0 for a proposed farm-in into its Saouaf permit area Tunisia.\u00a0 Pennpetro Energy enters these HoT with Upland through\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/Tunisia-saouaf_map.jpg?fit=1200%2C511&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/Tunisia-saouaf_map.jpg?fit=1200%2C511&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/Tunisia-saouaf_map.jpg?fit=1200%2C511&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/Tunisia-saouaf_map.jpg?fit=1200%2C511&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/03\/Tunisia-saouaf_map.jpg?fit=1200%2C511&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":10102,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-zenith-energy-completes-acquisition-of-ezzaouia-concession\/","url_meta":{"origin":10953,"position":5},"title":"TUNISIA: Zenith Energy Completes acquisition of Ezzaouia Concession","author":"","date":"March 25, 2021","format":false,"excerpt":"Zenith Energy has announced that it\u00a0has now completed the acquisition of a 100 percent interest in the fully owned subsidiary of Candax Energy Limited\u00a0 in Barbados, Ecumed Petroleum Zarzis Ltd,\u00a0which holds a 45% interest in the Tunisian onshore Ezzaouia Concession. \u00a0Terms of the Acquisition\u00a0 Pursuant to the terms of the\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/03\/ECUMED-TUNISIA.jpg?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=10953"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10953\/revisions"}],"predecessor-version":[{"id":10955,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/10953\/revisions\/10955"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/10954"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=10953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=10953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=10953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}