The Fuschia prospect in the Hammamet exploration permit will be the first drilling target in the Tunisian license in North Africa said Australia’s Cooper Energy.
The Fuschia prospect, which will be matured for drilling over the next 12 months, lies on a structural high between the Cosmos and Maamoura oil discoveries.
Fuschia-1 well will be targeting the Birsa sandstone formation with the probe expected to drill to a total depth of around 2600 metres.
Coopr Energy said today that the Birsa sandstone formation, which is expected to be over 400 meters in thickness at this site, is the main reservoir in the region.
The chance of success for the target block is 21%, which falls in the normal range for exploration targets, said Cooper. The company estimates undiscovered recoverable oil reserves of 23 million barrels on a proved and probable basis.
The Hammamet joint venture will now be seeking to finalize the rig selection and well design for the Fuschia prospect.
Cooper farmed into 35% of the Hammamet exploration permit towards the end of 2007. The permit is next to the companies 100% owned Bargou exploration permit.
Cooper’s joint venture partner in the permit is Canada’s Storm Ventures International.
