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Tuesday, January 21, 2014
DNO International saw the completion of its farm in by wholly-owned subsidiary DNO Tunisia to the Sfax Offshore Exploration Permit and the Ras El Besh Concession. The completion of the farm-in deal is pursuant to the previously announced agreement with Eurogas International and Atlas Petroleum Exploration Worldwide.
DNO Tunisia AS now holds an 87.5% participating (100% paying) interest in the permit and the concession, in respect of which it has assumed operatorship and a significant share of the existing cost pool.
The Sfax Offshore Exploration Permit and the Ras El Besh Concession are located in the prolific Gulf of Gabes and cover 3,296 sq km, in mostly offshore shallow water. To date, three discoveries have been made with combined gross recoverable resources ranging between 35 million to 60 million barrels of oil. These assets hold significant exploration potential with 29 identified prospects which in the aggregate are estimated to contain between 500 million to 700 million barrels of oil of gross unrisked resources.
“Having finalized the transaction and received government approvals we will proceed now with a fast track exploration and development program designed to materially expand our footprint in Tunisia,” said Bijan Mossavar-Rahmani, DNO International’s executive chairman.
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