TAP reported that the Fkirine oil prospection permit was awarded to the Norwegian company DNO Tunisia AS and the Tunisian Oil Activities Company.

Located in the Tunisian midlands, this permit covers an area of 2,064 square kilometers. Some USD 2.5 million is invested in the 2 year prospecting works.

After these 2 years, the DNO Tunisia AS Company could if it wishes transforms the permit into a research permit. In this case, it must drill development wells during the initial period of 4 years with investments estimated at USD 5 million.

The draft agreement was signed on behalf of the Tunisian State by Mr Abdelaziz Rassaa minister of Industry and Technology, Mr Mohamed Akrout CEO of ETAP and Mr Erik Syrdalen deputy president of DNO Tunisia AS Company.

DNO Tunisia AS and ETAP also signed a partnership agreement, under which DNO will finance the exploration phase and ETAP will have an option of participation within the limit of 50% in any eventual discovery on this permit.

(Sourced from Tunis Afrique Presse)