Australian Oil and Gas Explorer Jacka Resources Limited (Jacka) advises that the company's first well, Menzel Horr-1 (MHR-1) on the Bargou Block in Tunisia, commenced on 3 January 2011.

The Menzel Horr Prospect lies within the Bargou Exploration Permit, Tunisia and is the first of two wells planned on the block, with the appraisal well Hammamet West-3 scheduled for mid-2011.

Jacka Resources is earning a 15% equity interest in the block via a farmin in with the Operator Cooper Energy Limited, which holds the remaining 85% equity.

Geologically the Menzel Horr Prospect is a thrust related dip-closed structure that has the potential for hydrocarbons at multiple reservoir horizons.

While the recoverable oil estimates are 24 million barrels (P50), potential exists for significant upside should the bounding faults be proven to seal at all reservoir horizons.

However, with the Menzel Horr Prospect lying onshore at this location, recoverable resources of around 1-2 million barrels of oil would be the minimum field size that could be economically developed.

Exploration evaluations have estimated in-place volumetrics for the Menzel Horr Prospect (100% Joint Venture), which can be seen in the attached announcements.

The Operator has supplied a depth versus time curve, which is attached to its announcement dated 4 January 2010. It is expected that the key target formations will be encountered between 10 and 25 days from the time of spudding.

Tags: Jacka Resources Limited