Kairiki Energy acquires offshore Tunisian blocks

Kairiki Energy has acquired offshore exploration permit G.R15.PU (Pantelleria) in the Mediterranean.

Offshore staff

SYDNEY, Australia -- Kairiki Energy has acquired offshore exploration permit G.R15.PU (Pantelleria) in the Mediterranean. The block is contiguous to the company's recently acquired Kerkouane permit. Kairiki will hold a 30% interest in both permits and AuDAX Resources is the operator with a 70% interest.

"We are pleased that both transactions have now closed on the Sicily Channel permits," says Craig Gumley, Kairiki's MD. "The large drill-ready Sambuca prospect is arguably one of the best undrilled oil prospects in the Mediterranean. ENI's recent successes offshore Sicily with the Cassiopea discovery and the Argo appraisal well, where the operator estimates recoverable gas resources of 18 bcm, clearly demonstrates the prospectivity of the Sicily Channel region."

10/29/2008

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