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Storm Ventures to Spud Fuchsia-1, Gulf of Hammamet

Source: www.gulfoilandgas.com 5/20/2010, Location: Africa

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Cooper Energy is pleased to announce that the Ensco 105 has spud the Fuchsia-1 well in the Gulf of Hammamet, Tunisia.

The expected Fuchsia-1 depth versus time curve is attached to this announcement. Pertinent details for the Fuchsia Prospect are:

- Primary target: Birsa Formation sandstones
- Primary target size: 28-46-78 MMBO P90-P50-P10 undiscovered recoverable oil
-Target chance of success: 17%
- Prognosed total depth: 2,900 metres
- Expected well cost: A$9 million (COE share)
- Nearest oil fields: Maamoura 15 km to the west and Cosmos 10 km to the east.
- Joint Venture: Cooper Energy (35%), Storm Ventures International (35% and Operator), RAK Petroleum (30%) Fuchsia-1 Location

The plan for Fuchsia-1 is to drill to total depth and evaluate the Birsa Formation sandstones by logs. In the event of a discovery, the logging program is expected to provide the necessary information to confirm the range of hydrocarbon volumes. A production test is not planned as offset well and field analogues demonstrate that the sandstones of the Birsa Formation are prolific producers in this region and we are confident that, if present, hydrocarbons will be producible. The key risk is whether hydrocarbons are present or not in the sandstones.

Following evaluation, the well will be plugged and abandoned - regardless of whether the well is a discovery or not.

Fuchsia-1 has been cost effectively designed as a “finder” well to demonstrate if hydrocarbons exist in the primary target Birsa Formation sandstones at this location.

In the event of a discovery, it is expected that the Joint Venture will convene in the near future to agree both a forward appraisal program and the scope of field development studies.

Mr Michael Scott, Managing Director, noted that “ Fuchsia-1 is targeting an attractive and material prospect and we are pleased to have spud the well. Within approximately 20-25 days, subject to drilling performance, we will have hopefully demonstrated that hydrocarbons are present in the Birsa Formation sandstones. Field appraisal and development planning activities would then be expected to commence immediately following the well. The key risks to this outcome relate to trap effectiveness, oil migration and magnitude of recoverable oil volumes.”

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Related Categories: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 

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