JP Kenny Petroleum Ltd. Assignment of PSA by Netoil Ltd.
Oslo, 22 march, 2021
JP Kenny Petroleum Ltd. (“JPK”) announces that it has reached agreement with
Netoil Ltd. (“Netoil”) for the assignment to JPK of Netoils’ oil and gas assets,
against the issue to Netoil of 30 million shares in JPK.
Netoils’ oil and gas assets consist of an interest in a production sharing
agreement (PSA) in the Salah Aldeen license to the north of Baghdad, Iraq. The
PSA covers an area of 24,075 square kilometres, and includes several oil and gas
discoveries, including the Ajeel Field, which reported certified reserves in
2001 of 427 million barrels of oil (Iraqi National Oil Company booked reserves)
and 3.9 trillion cubic feet of gas.
The region has suffered from armed conflict, and the original Ajeel field
facilities were destroyed in the period 2015-2018. It is intended, subject to
ratification and approval by the relevant Iraqi Government Authorities, to raise
the necessary finance and to bring the Ajeel field back into full production,
and to prepare other prospects in the license area for future exploitation.
The JPK board will be restructured with the appointments of Tahereh
Amirzadehardahaei, Michel Fayad and Marc Jean-Louis d’Hombres and the
resignations of Jon Wiggen and Tracey Peverell.
Netoil is an industrial group with wide oil and gas experience, including the
establishment of Tamoil (oil refining and marketing) and participation in the
SUMED and BTC oil pipeline systems. It also established Comerica, a US bank with
$80 billion total assets.
JPK is an exploration and production company with interests in Colombia.