Forte Energy Limited (ASX: FEL) announced on 4 November 2026 that it has entered into a Joint Study and Cooperation Agreement to pursue oil exploration, appraisal, and development opportunities across South America. Forte Energy Limited is an ASX-listed company focused on identifying and developing energy resources. The initial focus of this new venture will be Venezuela, with additional opportunities known to be available in Colombia and Ecuador also included in the study.
The agreement sees Forte Energy partnering with the Autana Group, which is comprised of two private entities. Both Forte and the Autana Group will each hold a 50% right to participate in any projects identified from the study. The arrangement also allows for flexibility, enabling participants to pursue opportunities either jointly or individually. Should Forte proceed with a project solely, the Autana Group would be entitled to a minimum 5% Net Profit Interest. Forte will fund the study up to a maximum of US$150,000, divided into three equal phases of US$50,000. Forte retains the right to withdraw at the end of each phase without further obligation.
Phase 1 of the study is set to commence immediately, focusing on analysing commercial requirements for Venezuelan participation and screening available opportunities. The Autana Group brings extensive experience and in-depth knowledge of the region, with two of its principals being native Venezuelans. This expertise is complemented by Forte’s New Ventures Advisor, Mr. Pete Bekkers, who previously spent three years with Pluspetrol in South America and has significant exposure to the sedimentary basins targeted. The company noted that recent political changes in Venezuela have created new avenues for qualified foreign entities to bid on or participate in projects within the oil-rich nation.
