ADX Energy announced that the Government of Tunisia has approved the renewal of the Kerkouane exploration license, and has granted three more years for exploration and appraisal activities until, Feb. 22, 2014. At that point, the exploration license can then be renewed for another three years.
Included within the terms of the three year renewal is a well test of the Lambouka discovery, drilling of a well to a minimum depth of 8,202 feet (2,500 meters), or drilling of a well to the Jurassic aged reservoir level in case such a target is a viable economic prospect and can be identified on the newly acquired dual sensor 3D seismic data. The partners are also relinquishing 190,765 acres (772 square kilometers) of the original license area, in which the Kerkouane license comprises 761,085 acres (3,080 square kilometers).
The current license contains a number of appraisal and exploration targets, such as the Dougga gas condensate discovery, the Lambouka discovery, and the Dougga NW Lead, all covered by 3D seismic. It also contains newly identified structural/stratigraphic leads within the Pliocene section, partly covered by 3D seismic and structural leads, typical of a fold and thrust belt, within the northern part of the license and covered by 2D seismic. The Kerkouane Joint Venture includes ADX Energy (operator, 60%), Gulfsands Petroleum (30%), and XState Resources (10%).
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