Cooper reviews Hammamet West oil potential

Cooper Energy has farmed out 15% of its Bargou permit offshore and onshore Tunisia to Jacka Resources.

Offshore staff

SUBIACO, Australia -- Cooper Energy has farmed out 15% of its Bargou permit offshore and onshore Tunisia to Jacka Resources.

Under the transaction, which has an estimated value of $12 million, Jacka will pay a proportion of back costs and a promote on the drilling and testing of two planned exploration and appraisal wells.

The first well will be on the onshore Menzel Horr prospect. The second is likely to be Hammamet West-3, an appraisal of the offshore Hammamet West oil discovery, which has contingent resources of 49 MMbbl (P50).

Subject to jackup rig schedules, Hammamet West-3 should spud next summer. Cooper say recently acquired high-fold 3D seismic reveals that the structure is 40-50% larger than previously mapped on vintage 2D seismic data.

Ultimately, this reassessment should increase the contingent resource estimate. Recoverable volumes are currently under revision, and Cooper will announce the final numbers once its technical review is complete.

09/17/2010

More in Drilling & Completion