Canadian Superior Energy has announced it has signed E&P agreements for large oil and concessions in offshore Tunisia and Libya. The company will join forces in what is being called the “Oasis Project” with Joint Oil, which is equally owned by Tunisia’s Enterprise Tunisienne d’Activites Petrolieres (ETAP) and Libya Oil Holdings.
Under the Exploration and Production Sharing Agreement (EPSA), Canadian Superior has been named the operator for the 7th of November Block, an area covering 1900 km2 found 120 km offshore in the Gulf of Gabes in water depths ranging from 76 to 114 metres.
The exploration work for the first phase of the seven year exploration period will include three exploration wells, 482 km2 of 3D seismic, and one appraisal well. Planning and rig contract discussions are already underway, targeting a two-well, back-to-back, drilling programme likely commencing within the next six months.
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“Canadian Superior is very fortunate to have been presented the opportunity to negotiate for this very highly prospective block, and we are now pleased to have concluded such a complex agreement involving assets located within three countries,” said Canadian Superior’s chairman, Greg Noval.
“We look forward to working with Joint Oil and the respective governments of Tunisia and Libya on this and future endeavors. With our new partnership, large acreage position, and established relationships, I predict our entry into North Africa through the ‘Oasis’ Project will result in development of a core oil and gas producing area for the Company,’ the chariman added.
