Forte Energy Limited (ASX:FEL) has entered into a Joint Study and Cooperation Agreement with the Autana Group to pursue oil exploration, appraisal and development opportunities in South America, with an initial focus on Venezuela and secondary coverage of Colombia and Ecuador, the company disclosed on 4 November 2026.

Key Points

  • Forte Energy and the Autana Group — comprising two private entities — will each hold a 50% right to participate in any projects resulting from the Study.
  • Forte will fund the Study up to a maximum of US$150,000, split into three equal phases of US$50,000 each, with the right to withdraw at the end of each phase.
  • If Forte progresses any resulting project solely without the Autana Group, the Autana Group is entitled to a minimum 5% Net Profit Interest in that project.
  • Phase 1 commences immediately and will include analysis of commercial requirements to qualify for Venezuelan opportunities and a screening study of available prospects.

Joint Study Agreement Structure and Terms

Under the Agreement, Forte Energy and the Autana Group each hold a 50% right to participate in any projects that may result from the Study. The Agreement provides flexibility for participants to pursue opportunities either jointly or individually. Where Forte progresses a project solely, the Autana Group is entitled to receive a minimum 5% Net Profit Interest. Forte will fund the Study to a maximum of US$150,000, divided into three equal phases of US$50,000 each. At the conclusion of each phase, Forte retains the right to withdraw from the Study with no further financial obligation.

Regional Focus and Autana Group Background

The Study's initial focus is Venezuela, with Colombia and Ecuador included as a secondary focus. The filing states that the recent change in the political environment in Venezuela has created new opportunities for qualified foreign entities to bid on or participate in projects in that country. The principals of the Autana Group have extensive experience and in-depth knowledge of the region, with two of the principals described as native Venezuelans. The Autana Group is comprised of two private entities, and its expertise covers Venezuela, Colombia and Ecuador.

Role of New Ventures Advisor Pete Bekkers

Forte's New Ventures Advisor, Mr. Pete Bekkers, is identified in the filing as having extensive experience working in South America. The filing states Mr. Bekkers spent three years with Pluspetrol based in South America and has previous exposure to the sedimentary basins that are the initial focus of the Study. The filing states that the Study will immediately benefit from Mr. Bekkers' experience and knowledge of the region, and that together with the Autana Group, the Study is described as well placed to act swiftly to secure opportunities identified as having high prospectivity.