Cooper Energy: Hammamet West shows sizeable hydrocarbon reserves

Cooper Energy Limited announces that it has assessed its net 2C Contingent Resource in the Abiod Formation of the Hammamet West Field, in the Bargou Permit offshore Tunisia to be 11.3 million boe.

Cooper Energy is the Operator of the Bargou joint venture which includes Dragon Oil plc and Jacka Resources Limited.

The Contingent Resource has been determined by Cooper Energy, having considered the results of an independent assessment by Senergy, a global integrated energy services company. The Contingent Resource review was completed in April 2014.

Cooper Energy Managing Director David Maxwell said: “The Contingent Resource assessment confirms that Hammamet West is a sizeable hydrocarbon accumulation with good potential for economic development. Our calculations are that gross reserves of 8 to 10 million barrels of oil will be sufficient for the field to be considered economic and this threshold is exceeded by the assessed gross 1C Contingent Resource.”

The assessment of Contingent Resources in the Hammamet West Field will now be included in the data room associated with the sale of Cooper Energy’s Tunisian portfolio. Maxwell said that he believed the quantification of the Contingent Resource will reinforce the attraction of the Tunisian portfolio to buyers focussed on the African and Mediterranean regions.

Cooper Energy is conducting the divestment process in parallel to planning and preparing to drill and production test a second side-track from Hammamet West-3 in the period from late 2014 to early 2015. The timing and structuring of the divestment of the portfolio will be determined so as to deliver the best value for shareholders.

Participating interests in the Bargou Permit are:

– Cooper Energy (30% and Operator);

– Dragon Oil (55%);

– Jacka Resources (15%).

[mappress]

Press Release, April 28, 2014