Australian explorer Cooper Energy said while it still intends to divest its Tunisian portfolio, the exit may take longer than expected.
Cooper Energy originally announced plans to divest its Tunisian assets in June 2013 in order to focus on its Australian assets. The company said today that progress of recent discussions have been affected by the dip in oil prices, but advised that discussions remain ongoing. Cooper Energy is targeting an exit from Tunisia within the 2015 financial year.
“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,” the company said.
Cooper Energy holds interest in three permits offshore Tunisia: Bargou (30%, operator), Hammamet (35%), and Nabeul (85%, operator). All three encompass a combined 12,644 sq km in the Gulf of Hammamet, extending some 170km offshore at around 100m water depth.
Earlier this year, Cooper Energy announced that its net 2C Contingent Resource in the Abiod Formation of the Hammamet West Field, in the Bargou permit, is 11.3 million boe.
Plans originally called for a production test on a second side-track well from Hammamet West-3, but now Cooper says no drilling activity is anticipated in the current financial year, and a future appraisal well at Hammamet West-3 is unlikely to happen until 2016 or later, pending approval from the joint venture and government.
Joint venture partner Dragon Oil holds 55% participating interest in the Bargou permit. The Dubai-based company said if Hammamet West-3 proves successful and the joint venture – which also includes partner Jacka Resources (15%) – greenlights development, Dragon Oil will assume operatorship of the permit.
Additionally, Cooper Energy said it has applied for a time extension on the Nabeul permit until January 2016. It is currently waiting for government approval.
Image: Cooper Energy's Tunisian acreage
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