Fugro Tapped for Seafloor Coring Services at Tunisian Well

In regards to the Fuchsia-1 well in the Gulf of Hammamet, Tunisia, Cooper Energy announced that inform Fugro has been contracted to obtain a seafloor core at the Fuchsia-1 location. According to the contract, the cost of this survey is expected to be approximately US $500,000 (100% Joint Venture). The survey cost may be reduced if the mobilisation of the vessel can be shared with another Joint Venture in the area.

The seafloor core will be used to evaluate the type and condition of the seafloor sediments. The type and condition of the seafloor sediments is required because a jackup rig is expected to be used to drill Fuchsia-1 and therefore the penetration of the jackup legs into the seafloor sediments will be a key design factor and safety consideration.

It is expected that this work will be initiated around November 30, 2009 and the results due in December 2009.

In parallel, the Operator is continuing to pursue a rig so that Fuchsia-1 can be drilled in a timely manner following the results of the seafloor coring.