Cooper Energy Ltd has been formally advised by the Tunisian Department of Energy that the Bargou prospecting permit has been converted to an exploration licence for a five year term.
The company said in an announcement that the Bargou Licence has an area of 4412 km2 and lies in the Gulf of Hammamet, Tunisia, a proven petroleum province.
Full announcement pasted below:
Tunisia Bargou Exploration Licence Approved
Cooper Energy is pleased to announce that it has today been formally advised by the Tunisian Department of Energy that the Bargou Prospecting Permit has been converted to an Exploration Licence. The conversion will take effect following a signing ceremony and publication in the Tunisian Government Official Gazette, which is normal process.
The Bargou Exploration Licence is for a five year exploration term, which includes a modest work commitment of 200 km2 of 3D seismic and one exploration well. The Exploration Licence is renewable for two periods of three years duration.
The Bargou Licence has an area of 4412 km2 and lies in the Gulf of Hammamet, Tunisia, which is a proven petroleum province. The Bargou Licence lies adjacent to the Hammamet Licence (COE earning 35%), which results in Cooper Energy having a dominant strategic stake in the province.
The licence conversion follows the successful acquisition of 972.7 km of 2D marine seismic in 2007 and the subsequent identification of several attractive exploration prospects.
The forward work program for the licence is expected to include finding a suitable Joint Venture Partner to participate in the work program (early 2008), acquiring additional seismic to mature the prospects to 'drill‑ready' status (2008) and drilling a well (2009).
Cooper Energy remains the 100% owner and operator of the Bargou Exploration Licence.
