Under the terms of the agreement, Circle will acquire an initial 30% stake in the licence in exchange for funding a 50-square kilometre 3D seismic programme and the drilling of one well. The funding is estimated to total $5 million.
Exxoil, which already shares other onshore Tunisian blocks with Circle, will remain as operator of the licences.
Circle can opt to increase its stake in the block to 50% in two equal stages by funding one well in each stage, capped at $2 million per well.
The
