VANCOUVER, BC / ACCESSWIRE / April 1, 2015 / Sunset Pacific Petroleum Ltd. (the “Company”) (TSX-V: SPK) wishes to provide an update on its near term exploration and production project acquisition activities in the Middle East North Africa region. The Company was informed by the Tunisian authorities that a final meeting for approval on its two onshore Tunisia applications had been deferred until a new elected government was in place. It was explained that the previous government was a caretaker government tasked with ensuring the smooth elections late last year and that if a decision for new exploration permits had occurred, most likely it would have been reviewed by a new government. This is due to the sovereign nature of all natural resource contracts in Tunisia and the related parliamentary oversight. Now with a new elected government in place along with a 5 year mandate, the final evaluations are well underway and we expect to receive news shortly. The Tunisian authorities emphasized how much they appreciated the patience of our Company and her shareholders during this important transition period for the country.
Further, the Company is pleased to have announced on March 23, 2015, a letter of intent to acquire a 56.25% participating interest and operatorship in an existing exploration and production sharing agreement for an onshore block in The Sultanate of Oman (the “Oman Block”). The Company is now concluding the farmin agreement. This Oman Block holds good potential after some recent seismic reprocessing and independent interpretation. Oman is a very stable country in a region where it is not uncommon to produce oil for $10 per barrel or less. The acquisition of the Oman Block will mean that we have diversified our portfolio of projects to include a high impact exploration project close to pipeline infrastructure in a low cost region along with the near-term production and exploration projects in onshore Tunisia which was recently ranked as the number one exploration hotspot in Africa by EY (formerly Ernst & Young) in their recent report “African oil and gas: driving sustainable growth”.
The Company has also been able to attract several seasoned oil industry veterans to serve as board members, advisors and consultants. Further announcements on roles and responsibilities is expected as the various projects mature. The total combined experience of our combined technical and operations group is over 200 years specifically in the MENA region with direct and indirect involvement in over 10 billion barrels equivalent of oil discoveries and development projects.
The Company wishes to thank all its stakeholders for their support and patience during this formative project development phase and will keep providing regular updates as the projects progress.
ON BEHALF OF THE BOARD
CEO and Director
This press release was prepared by management who takes full responsibility for its contents. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Actual results could differ materially because of factors discussed in the Company’s management discussion and analysis filed with applicable Canadian securities regulators, which can be found under the Company’s profile on www.sedar.com. The Company does not assume any obligation to update any forward-looking statements.
SOURCE: Sunset Pacific Petroleum Ltd.