OSLO, Norway – DNO International ASA has completed the farm-in by its wholly owned subsidiary DNO Tunisia AS to the Sfax Offshore Exploration Permit and the Ras El Besh Concession in the Republic of Tunisia, pursuant to its agreement with Eurogas International Inc. and Atlas Petroleum Exploration Worldwide Ltd.
With this agreement, DNO Tunisia AS now holds an 87.5% participating (100% paying) interest in the permit and the concession, in that it has assumed operatorship and a significant share of the existing cost pool.
The Sfax Offshore Exploration Permit and the Ras El Besh Concession are located in the Gulf of Gabes and cover 3,296 sq km (1,273 sq mi), mostly offshore in shallow waters. To date, three discoveries have been made, with combined gross recoverable resources ranging between 35 MMboe and 60 MMboe. These assets represent 29 identified prospects estimated to contain 500–700 MMboe of gross unrisked resources.