Following conclusion of the conceptual field development plan for the Hammamet West oil field in the Gulf of Hammamet, Tunisia, Cooper Energy says that field estimated to contain over 200 million barrels oil in place (P50).

Contingent resources of 49 million barrels of oil (P50). Plans are underway to acquire 175 km2 of 3D seismic to enhance the structural and reservoir definition. Horizontal appraisal well required to test Abiod carbonate productivity. The Hammamet West Oil Field was discovered in 1967 by the Hammamet West-1 exploration well, which discovered 7 meters of oil on rock in the Birsa sandstone formation. In 1990 the Hammamet West-2 appraisal well discovered a further 192 meters of oil in the deeper Abiod carbonate formation. The Abiod was production tested and 33° API oil was recovered but the reservoir was deemed to be tight. A review of the well test has indicated that the Abiod was tested by cementing in the production casing, which is not considered to be prudent production practice for a reservoir that depends on natural fractures for productivity. Evaluation of the Hammamet West-2 core and image logs demonstrate that natural fractures do exist in the Abiod and a well drilled with the appropriate drilling technology may produce at economic rates.

Hammamet West Oil Field The Hammamet West Oil Field lies wholly within the Bargou Exploration Permit, Gulf of Hammamet, Tunisia, which Cooper Energy was awarded in 2005. Cooper Energy is the 100% owner and operator of the permit.

At the Hammamet West location the water depth is approximately 50-60 meters and it is expected that 10-15 million barrels of recoverable oil will be the minimum field size that can be economically developed.

Worley Parsons was contracted to assist Cooper Energy to screen the development options for the field. At this time it is expected that the field would be developed using a small not normally manned platform, which would export oil and gas to an onshore plant via a multi-phase pipeline. The onshore plant would export gas to the local market and oil via an offshore loading buoy. Development costs would be in the order of US$250-US$430 million (100% Joint Venture), depending on the size of the development.

Tags: Cooper Energy