Australia's Cooper Energy has secured a drilling rig from Romanian Grup Servicii Petroliere (GSP) for its Hammamet West-3 well on the Bargou exploration permit, offshore Tunisia, Cooper said in a statement Monday.
The Bargou joint venture, with Cooper as operator, had signed a letter of intent with GSP for the use of the jackup rig "GSP Jupiter" to drill the well which is scheduled to spud in December 2012.
Cooper had noted in its statement that the spud date was dependent on when the rig is released from its prior commitments, which it warned meant that drilling might not start until the March 2013.
Hammamet West-3 is being drilled to further assess the oil resource within the Abiod formation. Cooper intends to drill the well to penetrate the reservoir with a slightly deviated pilot hole. A highly deviated wellbore will then be drilled and tested, to confirm the oil productivity of the formation.
A secondary target in the Hammamet West-3 well is the Birsa sandstone.
Hammamet West-3's target for the Abiod formation is around 101 million barrels of contingent resources, according to a presentation published by Cooper on July 9, 2012. The well's target for the Birsa sandstone is approximately 10 million barrels of contingent resources.
"Hammamet West-3 is a relatively low risk well targeting a very large potential resource," FinnCap's research director William Arnstein told Rigzone on Monday.
The field lies in 164 feet (50 meters) of water, about 7.5 miles (12 kilometers) from the Tunisian coast.
Cooper operates the permit with a 30 percent interest. UAE-based Dragon Oil and Australian Jacka Resources hold a 55 percent and 15 percent stake respectively.
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