Dragon Oil has received approval from Tunisias Hydrocarbons Consultative Committee to take a farmout on the Bargou Exploration Permit, located in the Gulf of Hammamet, offshore Tunisia
According to Cooper Energy, the previous majority owner of the Bargou joint venture, Dragon Oil has been given the majority stake of 55 per cent interest in the permit by paying 75 per cent of the drilling costs of Hammamet West-3 well, up to a cap of US$26.6mn.
The deal will see Cooper Energy's stake in the joint venture at 30 per cent, Dragon Oil at 55 per cent and Jacka Resources Ltd at 15 per cent.
Dragon Oil CEO Abdul Jaleeel Al-Khalifa commented, "We believe our experience offshore Turkmenistan with complex and challenging reservoirs will be useful in better understanding, appraising and developing the Hammamet West Oil Field."
Cooper Energy said that the venture plans to spud the well in the fourth quarter of 2012. The drilling contract has been awarded to AGR Petroleum and includes post well activity.
A fracture study for the Hammamet West-3 well is being undertaken to determine the optimum horizontal drilling path for the well using modern drilling techniques, to increase the potential for the reservoir to flow at commercial rates. Cooper Energy pointed out the study would be a key input to the well design.
