Forte Energy enters South American oil exploration agreement
Key points
- Forte Energy signed a joint study and cooperation agreement with Autana Group to explore oil in South America.
- Forte will fund up to US$150,000 across three equal phases with rights to withdraw after each phase.
- The agreement focuses initially on Venezuelan opportunities alongside secondary targets in Colombia and Ecuador.
Forte Energy (ASX:FEL) entered into a joint study and cooperation agreement with Autana Group to pursue oil exploration in South America.
The agreement primarily targets oil exploration in Venezuela while also evaluating secondary opportunities in Colombia and Ecuador.
Each participant holds a 50% right to participate in resulting projects, subject to Autana receiving a minimum 5% net profit interest if Forte proceeds alone.
Forte will fully fund the study costs up to a maximum of US$150,000, divided into three equal phases of US$50,000.
Following the announcement, the Forte Energy share price was unchanged at $0.005.
The company highlighted that recent political changes in Venezuela created new opportunities for foreign entities to bid on energy projects.
Autana Group brings two private entities with region-specific expertise alongside Forte's advisor Pete Bekkers.
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