Cooper Energy has advised shareholders and investors that the Fuschia Prospect in the Hammamet Exploration Permit (COE 35% interest) in Tunisia, North Africa has been selected as the first drilling target in the permit.
The Fuschia Prospect lies on a structural high between the Cosmos and Maamoura oil discoveries. The Fuschia-1 well will be targeting the Birsa Sandstone Formation with the well expected to drill to a total depth of
The Fuschia Prospect is a multi-fault block prospect with a small four-way dip closure in the central fault block defined on 3D seismic data. The Birsa Sandstone Formation, which is expected to be over 400 meters in
The main risk associated with the prospect is fault seal, but this is proven to work in other discoveries in the basin. The chance of success for the target block is 21%, which falls in the normal range for exploration targets. If this fault block is proven to contain hydrocarbons, the prospectivity of the remaining fault blocks will be greatly increased and is expected to lead to further appraisal drilling.
The Hammamet Joint Venture will now be seeking to finalize the rig selection and well design for the Fuschia Prospect. Once these items have been completed, materials will be ordered and the well locked into a rig schedule.
Cooper Energy's Managing Director, Michael Scott said, "We are pleased to bring forward this attractive exploration opportunity for our shareholders. Our exploration portfolio in Tunisia is very deep and this is one of many attractive targets that will be matured for drilling in the next 12 months. We are hoping that our dominant Gulf of Hammamet position will enable us to deliver a number of oil and gas discoveries thereby adding further value to the Company."
Cooper Energy farmed-in to 35% of the Hammamet Exploration Permit towards the end of 2007, which gave the Company a strategic foothold in the Gulf of Hammamet. The Hammamet Exploration Permit is adjacent to Cooper Energy's Bargou Exploration Permit (Cooper 100%). Cooper Energy's joint venture partner in the Hammamet Permit is Storm Ventures International Inc., which is a Canadian company.
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