DNO Completes Sfax, Ras El Besh Acquisitions in Tunisia

Norway's DNO International reported Monday that it has completed its farm-in to the Sfax Offshore Exploration Permit and the Ras El Besh Concession in the Republic of Tunisia.

DNO Tunisia now holds an 87.5-percent interest in the permit and the concession, and has also assumed operatorship of the assets. These assets are located in the Gulf of Gabes and cover some 1,260 square miles, mostly offshore in shallow waters. To date, three discoveries have been made that have combined gross recoverable resources that range between 35 million and 60 million barrels of oil.

DNO said the assets hold significant exploration potential, with 29 identified prospects that are estimated to contain combined gross un-risked resources of between 500 million and 700 million barrels of oil.

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

"Having finalized the transaction and received government approvals we will proceed now with a fast track exploration and development program designed to materially expand our footprint in Tunisia."

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