DNO Farms into Tunisian Offshore Concessions

Norway's DNO International reported Tuesday that it has agreed a farm-in deal for the Sfax Offshore Exploration Permit and Ras El Besh Concession in the Republic of Tunisia.

DNO said that the agreement will see the deal will see it get an 87.5-percent interest in both the permit and the concession from Atlas Petroleum Exploration Worldwide.

The Sfax Offshore Exploration Permit and the Ras El Besh Concession are located offshore Tunisia in the Gulf of Gabes. To date, three discoveries have been made with combined gross recoverable resources ranging between 35 million to 60 million barrels of oil. DNO said that these assets hold significant exploration potential with 29 identified prospects, which in the aggregate are estimated to contain between 500 million to 700 million barrels of oil of gross un-risked resources.

The initial work plan includes the drilling of two exploration/appraisal wells in 2014, one on the Salloum discovery and the other on the Jawhara discovery.

DNO Executive Chairman Bijan Mossavar-Rahmani commented in a company statement:

"We continue to deliver on our growth strategy with another important addition to the company's exploration and production inventory. These are attractive assets and we are well placed to unlock their potential by leveraging our technical expertise and by developing synergies across our Tunisian portfolio."


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