Bargou Exploration Permit

Click on image to enlarge

The Bargou Exploration Permit is located in the Gulf of Hammamet, offshore northeastern Tunisia, in water depths of typically less than 100m. The Gulf of Hammamet possesses a proven petroleum system with several discovered onshore and offshore fields.

Lundin operates the nearby Oudna field (initial rates of ~20,000 bopd) and several Operators are progressing plans for commercialisation of nearby fields, such as Eni with the Baraka and Maamoura fields, Storm Ventures International with the Cosmos Sud field and TOPIC with the Halk el Menzel field.

The main target reservoirs in the block are sandstones of the Birsa and Fortuna Formations and limestones of the Ain Grab, Bou Dabbous and Abiod Formations. These reservoirs are expected to form multiple stacked targets in structural traps.

Cooper Energy has reprocessed some 1,700km and acquired 973 km of 2D seismic data within the permit during the initial 2 year Prospecting Licence phase. A rigorous evaluation has identified a significant exploration portfolio of prospects, leads and features with a portfolio of nearly 1 billion barrels (P50) undiscovered recoverable resources. RPS Energy has recently undertaken an independent review and concurs with Cooper Energy's evaluation.

The permit was converted to an Exploration Permit in 2008 with an initial period of 5 years. In 2009 a 46km onshore 2D survey was acquired over the Menzel Horr Prospect to aid in structural definition of the prospect and aid in the selection of a drilling location. A 205km² marine 3D was acquired over the Hammamet West Oil Field over the period December 2009 - January 2010. Final processed data is expected to be delivered to Cooper Energy in mid 2010 for interpretation.

Cooper Energy is planning to drill the Menzel Horr-1 well in late 2010.

A 140km² areal extension was granted in February 2010 over an extension of the Menzel Horr Prospect trend in return for a modest work program.