Petroleum Africa
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Thursday, June 26, 2014
Sonde Resources offered an update on its Joint Oil Block located offshore Libya and Tunisia. The company retained Taylor-DeJongh to initiate a process to explore and evaluate potential strategic alternatives to enhance shareholder value with regard to the Joint Oil Block. The process has included discussions with in excess of 20 international petroleum entities and financial institutions. Several interested parties have executed confidentiality agreements, met with management and staff and are evaluating the data provided in the virtual data room.
The preparations for drilling the Fisal-1 well have progressed. All long lead materials (casing and drilling support material) have been ordered and initial deliveries arrived in Sfax, Tunisia (shore base) in mid-June. Preparations are underway to perform the site surveys in anticipation of the commencement of drilling operations in early Q4.
The 3D seismic survey acquired in late 2013 has been processed and initial evaluation of the data confirms the potential nature of the Hadaf structure in Libyan waters. Detailed interpretation work of the processed seismic data is underway.
The Fisal is a high-quality prospect, immediately adjacent to the Zarat discovery in Tunisian waters, with Eocene oil potential and Upper Cretaceous gas / condensate potential. At the Eocene level it is anticipated that Fisal will share a common oil-water contact with Zarat. The Fisal could be tied into the Zarat FPSO if successful.
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