Cooper Reports 37% Increase in Hammamet West Contingent Resources

Cooper Energy has increased the Hammamet West oil field contingent resources estimate by 37%, following interpretation of high-resolution 3D seismic data, which has encouraged partners to further appraise the oil field. The reserves upgrade is due mainly to an increase in the size of the Abiod formation structure, Cooper Energy stated.

The CR estimate is now 67 million barrels of oil, compared to the previous estimate of 49 million barrels of oil. The Bargou joint venture (Cooper Energy, operator, 85%; Jacka Resources 15%), are planning to undertake further processing of the 3D seismic to assist imaging of the Abiod carbonate formation, and to complete the design of a Hammamet West horizontal well to test the production capacity of the Abiod formation. An appraisal well is planned for the third quarter of 2011, subject to rig availability.

The Hammamet West oil field is situated in the Bargou Exploration Permit in the Gulf of Hammemet, Tunisia in a water depth of 164 to 197 feet (50 to 60 meters).

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