GSP Jupiter Moving to Tunisia

Cooper Energy Limited, Operator (30%) of the Bargou Permit, offshore Tunisia, has announced that mobilisation to Tunisia of the jack-up drilling rig “GSP Jupiter” began on February 5th.

The drilling rig is being mobilised from the Black Sea and is expected to arrive in Tunisia and commence drilling of the Hammamet West-3 well in late March 2013.

The Hammamet West-3 well will be located offshore in water depths of approximately 50 metres. Results of two vertical wells previously drilled indicate that an oil column is present in the target Abiod Formation. The objective at Hammamet West-3 is to drill and test a highly deviated wellbore through the Abiod Formation to confirm oil productivity.

Cooper Energy’s contribution to the well will be fully funded up to a gross amount of US$26.6 million by Dragon Oil (paying 75% to earn 55%) and Jacka Resources (paying 30% to earn 15%).

[mappress]
February 8, 2013