Petroleum Africa
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Friday, December 26, 2014
Cooper Energy updated the divestment of its Tunisian portfolio. As previously advised, this portfolio which includes the Hammamet West oil discovery in the Bargou permit and prospective acreage adjacent to producing oil and gas fields, is being divested as it falls outside Cooper’s strategic focus on Australian exploration and production and value addition to current Indonesian holdings.
The company said that it continues discussions with a number of parties who have had access to the data room and expressed interest in acquiring the assets on offer. All permits in the Tunisia portfolio have attracted interest and remain the subject of ongoing discussions, with parties expressing interest in individual permits or combinations of the permits rather than a portfolio sale.
While the progress of discussion has been affected by the recent downturn in oil prices and oil and gas sector sentiment, Cooper says that prospective acquirers remain engaged and it remains committed to, and confident of, completing an exit from Tunisia, albeit at a later date than targeted. The company is working to achieve this at the earliest date possible within the 2015 financial year.
No drilling activity is anticipated in the Tunisian permits in the current financial year. Pending joint venture and government approval, a future appraisal well at Hammamet West-3 is not likely to start until FY16 or later. An application for time extension until January 2016 has been made in respect of the Nabuel permit and is awaiting ratification by the Tunisian government.
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