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December 15, 2013

Cooper Energy reveals Hammamet Westoil discovery results

Cooper Energy has completed initial analysis of Hammamet West-3 well in Tunisia and reinforced confidence in the commercial potential of the Hammamet West discovery, which is currently subject of an independent review.

Hammet west-3

Cooper Energy has completed initial analysis of Hammamet West-3 well in Tunisia and reinforced confidence in the commercial potential of the Hammamet West discovery, which is currently subject of an independent review.

The company has selected the integrated energy services company Senergy to prepare an independent resource estimate for the Hammamet West field, which is expected to have a surface area of about 40km² and vertical relief of 370m.

Located in the Bargou permit, 15km offshore Tunisia, the Hammamet West-3 is at in water depth of 54m.

Cooper Energy, which has completed initial analysis on the well, operates the well with 30% stake and the partners Dragon Oil and Jacka Resources holds 55% and 15% respectively.

The company has discovered the presence of hydrocarbon-bearing fractures and produced fluids at Hammamet West-3 offering an initial average flow of 1,290 barrels per day before the production test was interrupted due to blockages in the test equipment.

In May 2011, Senergy estimated that the Hammamet West oil field had an oil-in-place range between 100 million and 600 million barrels, but did not evaluate the oil that could be recovered from Hammamet West.

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Senergy will use the data acquired from Hammamet West-3 to update the estimate of oil-in-place and offer an estimate of the contingent hydrocarbon resource range for the field.

"The well results have increased our confidence in the potential of the field and Senergy have been commissioned to independently review contingent resource estimates."

Cooper Energy’s Managing Director David Maxwell said the Bargou joint venture had agreed that the results of Hammamet West-3 clearly justified continued evaluation of the resource potential.

"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," Maxwell said.

"The decision to commission an independent review of the Hammamet West resource estimate reflects the discovery’s potential economic significance for Cooper Energy."

The exploration company is also planning a second sidetrack at Hammamet West-3 in mid-2014, which is expected to increase the extent of resource and offer important information for assessing potential reserve bookings and development options.


Image: location of Hammamet West-3, courtesy of Cooper Energy.

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