Cooper Farms Into Tunisia’s Nabeul Offshore Permit
Cooper Energy has acquired an 85% working interest and taken over operatorship of Tunisia’s offshore Nabeul Permit from Cairn Energy subsidiary Capricorn Oil and Gas Tunisia. The block, located in the Gulf of Hammamet off northeastern Tunisia, partially borders the Hammamet exploration permit, in which Cooper holds a 35% stake. The $1.5mn deal is still subject to regulatory approval, and will see Cooper assume current work program commitments including the acquisition of new 3D seismic data for mature prospects starting in mid-2011 and the subsequent drilling of one offshore well. The two targets in question are the Alpha and Gamma prospects, with estimated prospective resources of 26mn and 24mn barrels of oil, respectively. They are in the Birsa sandstone formation, which holds the nearby Tazerka, Birsa and Oudna fields.
Capricorn will receive $2mn upon each commercial discovery made on the block up to a limit of $6mn, as well as $3mn at the point of production from such discoveries up to a limit of $9mn. ETAP, Tunisia’s state oil company, will have a 50% back-in right to any discoveries, with the exploration companies receiving a reimbursement of cumulative exploration costs pro rata to the ETAP percentage. Dutch firm Dyas holds the remaining 15% interest. Cooper also holds an 85% stake in the offshore Bargou permit, which is adjacent to Hammamet.
Copyright MEES 2010.
