J.O & ETAP Bidround Moyes & Co

Opportunity Summary

• Investors are invited to develop the existing Zarat Discovery as a Unitized Oil and Gas Resource under a Development and Production Sharing Agreement (DPSA), Unit Operating Agreement (UOA) and Operating Services Agreement (OSC).
• Additionally, investors are invited to explore a ~3,000 sq km Exploration and Production Concession (EPSA) offshore Tunisia and Libya – the Joint Oil Block.
• Investors are invited to submit separate offers for:
• The entire Joint Oil Exploration Block excluding the Zarat Discovery Tract, or
• The Development and Exploitation of the Zarat Discovery, or
• Both the Exploration Block and the Zarat Discovery Development Block.

World Class Zarat Discovery

• Large resource volumes: best estimate of contingent resources at Zarat attributable to the Joint Oil Block totals 158 mmboe.
• Zarat is the largest discovery in offshore Tunisia since the Miskar discovery in 1975, and is the largest undeveloped field in offshore Tunisia.

Near Term Development Schedule

• Short-term development scheduled.
• First oil from Zarat is expected with a first-year average daily production rate of 37 mbbl/d of oil and 80 mcf/d of sales gas.
• The concept of a Joint Operating Company for the development allows the buyer significant operating control.

High Potential Zarat Corridor Upside

• The Zarat deep, Fisal shallow/deep and Siraj prospects have the potential to be tied into the Zarat development, with best-estimate volumes totaling 158 mmboe of risked prospective resources.
• Flexibility for expansion redetermination of the Zarat development agreed with Joint Oil and ETAP.
• 512 sq km 3D seismic survey covering Fisal and Siraj completed and currently being processed.
• 2 of the 3 committed exploration wells act as a combination exploration/appraisal of Zarat satellites.

Further On-Block Exploration Upside

• Highly prospective acreage with large exploration upside.
• In addition to the Zarat Corridor, four prospects/leads mapped and several structural/stratigraphic anomalies identified.
• Possibility for a Phase 2 exploration program before acreage relinquishment.

Favourable Licence & Fiscal Terms

• EPSA governed by attractive licence fiscal terms.
• Tunisia has a very robust gas market with gas prices of around $11/mcf (linked to fuel oil prices) enshrined in Tunisian law.
• Exploration expenditures are recoverable against first development.

1. Exploration

• Further exploration of the Joint Oil Block for new plays, leads, and prospects under an Exploration and Production Sharing Agreement (EPSA).
• Key parameters of the Joint Oil Block Exploration Acreage - Area: 3,000 sq km.
• Water depth: 80-120m.
• Seismic Data: 6,500km of 2D & 1,900km of 3D.
• Wells: Zohra-1 (1976), El Amal South 1 (1999), Besmah-1 (2002), El Amal North 1 (2002), Zarat North 1 (2010).
• Surrounding Producing fields: El Bouri, El Jurf and Bihr El Salam in Libya; Hasdrubal, Ashtart, Miskar & Didon in Tunisia.

2. Development

• Development of the Zarat Discovery-which straddles the Tunisia-Libya border-as a unitised oil and gas resource.
• This will be governed by a Development and Production Sharing Agreement (DPSA), Unitisation Agreement (UA), Unit Operating Agreement (UOA), and Operating Services Contract (OSC).

The New Bid Round Schedule

• Joint Oil officially announces that the New Bid Round will open on 7 September 2026 and run through 31 December 2026.
• Access: Credible companies with proven offshore exploration and development capability are invited to apply for access to the Virtual Data Room (VDR) managed by Moyes.
• Submission: Bids must be received by 8 January 2027.
• Selection: Winning bidders will be informed by 26 February 2027, with formal awards expected by 30 April 2027.
• The bid round opportunity will be presented at the London Mediterranean, Middle East & Africa Scout Group (MMEA) on 9 September 2026 and at the World Energy Summit in London on 29-30 September 2026 where Joint Oil will also be present at a booth.

About Joint Oil & Moyes & Co.

• Joint Exploration, Exploitation, and Petroleum Services Company "Joint Oil" is a joint venture between Libya and Tunisia through the national companies, the Tunisian Corporation of Petroleum Activities "ETAP" and Ola Energy Holdings Ltd. "OLA Energy." Since 1988, the company has managed hydrocarbon resources within the Tunisia-Libyan offshore acreage.
• Moyes & Co. is a global upstream advisory firm active since 1983. Registered in Texas, the firm maintains a global presence with offices in Houston, Dallas, London, and Singapore, providing expert transaction and marketing services to the energy sector.

Bid Round Enquiries

Moyes & Co. is managing the transaction, marketing, and Virtual Data Room (VDR) access. Full details regarding the technical dataset, asset profiles, and application procedures can be found directly on joint-oil.com.

Dataroom Documents

Real, downloadable documents governing this bid round process.