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Cooper Energy Farms out 15% of the Bargou Permit

Source: www.gulfoilandgas.com 9/17/2010, Location: Africa

Cooper Energy is pleased to announce that the Company has farmed out 15% of the Bargou Permit in Tunisia to Jacka Resources Limited. Jacka will pay a proportion of back costs and a promote on the drilling and testing of the planned Menzel Horr-1 and Hammamet West-3 wells. The total value of the transaction is estimated to be US$12 million, based upon the estimated costs to drill and test the wells.

The Bargou permit is considered to be a highly prospective exploration and appraisal block. The first well to be drilled in the permit will be the onshore Menzel Horr-1 well. The well is targeting the Menzel Horr Prospect, which has Prospective Resources of 24 million barrels of oil (P50). Menzel Horr-1 is expected to be spud in November 2010.

The second well that is expected to be drilled in the permit will be the offshore Hammamet West-3 well. The well is appraising the Hammamet West Oil Field, which has Contingent Resources of 49 million barrels of oil (P50). Hammamet West-3 is expected to be spud in 3Q2011, subject to rig schedules. The recently acquired high fold Hammamet West 3D seismic is demonstrating that the Hammamet West structure is 40-50% larger than previously mapped on vintage 2D seismic data. The increase in structure volume is ultimately expected to increase the Contingent Resources estimate. Recoverable volumes are currently under revision and the final numbers will be announced once the technical review is complete.

Michael Scott, Managing Director, noted that “Cooper Energy is pleased to welcome Jacka into the Bargou Permit in Tunisia and is looking forward to a successful and productive Joint Venture. As the Operator we are aggressively pursuing the planned drilling activities and hope that with some geological success we can move prospective and contingent resources into reserves in the near future. We are especially encouraged by the Hammamet West 3D seismic results and we expect that the increase in the size of the Hammamet West structure will knock-on to increase the recoverable oil estimates. The Hammamet West-3 well is expected to spud next year and we look forward to locking in the well design and a jack-up rig in the near future.“

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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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