The company expects the program to be completed in September, when it will have the option to exit the permit.
Cooper has also settled terms for departing the Nabeul joint venture, in which it has an 85% interest, with Tunisia’s government.
The company has already withdrawn from the Hammamet Permit joint venture in accordance with the terms of the joint operating agreement.
However, the remaining partners Medco Ventures International (Barbados) and DNO Tunisia then served a request for arbitration, seeking security from Cooper for its share of a well which is yet to be drilled, as well as unspecified damages for a claimed breach of the operating agreement.
Cooper says the claim has no basis and denies any liability for activities undertaken during an extension period of the permit in which it elected not to participate.
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