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Tunisia Acreage Position Increased by 29%

Source: www.gulfoilandgas.com 4/12/2012, Location: Africa

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Africa Hydrocarbons Inc is pleased to announce notification was received from Tunisian authorities that an application to expand the Bouhajla Permit has been accepted and the expansion granted as requested. The permit expansion is subject to government ratification and publication in the official Government Gazette. Twenty square kilometers of new 3D seismic was committed in conjunction with the acreage award under the same Production Sharing Contract terms as the original Permit.

The area of additional acreage represents an increase of 120 km2 or 29% of the area of the original Bouhajla Permit. The expansion area lies south of the Bouhajla North prospect on which a 55km2 3D seismic survey was recently completed. Processing and interpretation of the 3D survey over the Bouhajla North prospect is currently under way.

John Nelson, CEO of AHI states "The additional acreage dovetails nicely with the original Bouhajla Permit forming a larger, more contiguous exploration block. Additional upside was identified on the new acreage using vintage 2D seismic and we are now pleased to be able to further develop those leads and add them to our prospect inventory on the Permit."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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