Sunset Pacific update on its Tunisian exploration permits Sunset Pacific Petroleum Ltd (C:SPK)
Shares Issued 33,588,536
Last Close 11/20/2014 $0.13
Monday November 24 2014 - News Release
Mr. Albert Raponi reports
SUNSET PROVIDES UPDATE ON ACTIVITIES IN THE MIDDLE EAST NORTH AFRICA
Sunset Pacific Petroleum Ltd. has provided an update on its exploration and production acquisition activities in the Middle East North Africa region, starting with Tunisia. The company has now applied for two open exploration permits with the Tunisian Direction Generale de l'Energie ("DGE"). The first open permit was applied for on July 31, 2014 where the Company has partnered on an equal basis with two established Tunisian companies, namely IMI and COTIF-SICAR (Investment arm of the CARTE group). The second open permit was applied for on October 30, 2014 where the Company will partner with Bahrain-based oil company, Hoqool Petroleum International W.L.L. Co. Both open permits meet the Company's criteria of near-term production potential, with good seismic quality and previously drilled wells along with nearby proven production. The Company's technical team, led by Dr. Mongi Gharbi, has just returned from Bahrain where they completed a successful technical evaluation on the second permit together with the Hoqool Petroleum team. In addition, Hoqool Petroleum has invited the Company to participate on a seismic option for an exploration permit in Oman and both companies have agreed to perform a technical evaluation before taking any further decision to proceed.
The Company is now waiting for the Tunisian government on final approvals for both permits. This is expected shortly after a new Tunisian president is chosen. In the meantime, the Company continues to prepare the preliminary technical work programs with the various stakeholders in order to be able to start work immediately upon approvals.
We seek Safe Harbor.