SPC, via its subsidiaries, indirectly owns 49% of the producing TPS Assets in northern Tunisia, which comprise five onshore/shallow-water oilfield concessions close to the city of Sfax, and 87.5% of the Sfax offshore exploration permit.
Following completion of the acquisition, Panoro will be outright owner of SPC, which will become a fully owned subsidiary of the company.
Panoro has been joint operator of the TPS Assets with state oil company ETAP since 2018. CEO John Hamilton said TPS’ long-life, low-cost oil fields have “a stable production history and significant volumes of oil yet to be recovered.”
The Sfax offshore exploration permit, containing the Ras El Bash concession, includes three oil discoveries and numerous identified prospects and leads.
It is situated in the oil and gas Cretaceous and Eocene carbonate platforms of the offshore Pelagian Basin, with various producing fields nearby, along with infrastructure and spare capacity in pipelines and facilities.
The three oil discoveries, Salloum, Ras El Besh and Jawahra, hold an estimated 20 MMboe recoverable. Panoro assesses unrisked prospective resources at about 250 MMbbl.