Petroleum Africa
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Tuesday, December 17, 2013
Cooper Energy reported that the initial analysis of the results from its Hammamet West-3 well on Tunisia’s Bargou Permit is now complete. The results from the well reinforced the commercial potential of the Hammamet West discovery for the company.
Cooper will now have the discovery undergo an independent review and has contracted Senergy to prepare an independent resource estimate for the Hammamet West field. Separately, Senergy will also review the prospective resource potential of Cooper’s Tunisian portfolio.
Jacka Resources will participate in, and share, the results of the study with respect to Hammamet West and the Bargou permit. It is expected that the Senergy report will be completed by end-January 2014, after which Cooper anticipates announcing the contingent resource estimate for Hammamet West.
As reported to the ASX in May 2011, a previous report by Senergy estimated the Hammamet West oil field had an oil-in-place range between 100 million and 600 million barrels (P90-P10). The report did not make an estimate of oil that could be recovered from Hammamet West and identified the importance of obtaining more information to better determine the fracture distribution and deliverability. The data acquired from Hammamet West-3 will be used by Senergy to update the estimate of oil-in-place and provide an estimate of the contingent hydrocarbon resource range for the field.
Cooper Energy MD, David Maxwell said that the Bargou joint venture had agreed that the results of Hammamet West-3 clearly justified continued evaluation of the resource potential. The second sidetrack planned at Hammamet West-3 in mid-2014 calendar year will appraise the extent of the resource and provide important information for assessing potential reserve bookings and development options.
“Hammamet West-3 has confirmed the presence of hydrocarbon bearing fractures capable of producing oil. The well results have increased our confidence in the potential of the field and Senergy have been commissioned to independently review contingent resource estimates on the basis of this new information” he said.
“The decision to commission an independent review of the Hammamet West resource estimate reflects the discovery’s potential economic significance for Cooper Energy” said Maxwell.
Interest holders in the Bargou permit are: Cooper Energy (30% and Operator); Dragon Oil (55%); Jacka Resources (15%).
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