Jacka Commences Drilling in Tunisia
Jacka Resources commenced drilling at the Menzel Horr-1 (MHR-1) well on the Bargou Block in Tunisia, on January 3, 2011.
The Menzel Horr Prospect is the first of two wells planned on the block within the Bargou Exploration Permit. The appraisal well Hammamet West-3 is scheduled for mid-2011.
The company is earning a 15% equity interest in the block via a farmin in with the Operator Cooper Energy, which holds the remaining 85% equity.
While the recoverable oil estimates for the Menzel Horr Prospect are 24 million barrels, there is potential for significant upside should the bounding faults be proven to seal at all reservoir horizons.
Recoverable resources of around 1-2 million barrels of oil would be the minimum field size that could be economically developed as the prospect lies onshore at this location.
Jacka expects that the key target formations will be encountered between 10 and 25 days from the time of spudding.
Tunisia remains a very prospective oil and gas region, with the country currently having 45 producing fields.
Jacka was successfully listed on the Australian Stock Exchange in July 2010 and is currently trading at A$0.22 per share.