Norwegian E&P company DNO and the Tunisian Company of Petroleum Activities announced on Friday the finding of oil formations in the Jawhara-3 well offshore Tunisia.
Tunisia’s national oil company and the Norwegian exploration and production company completed drilling, which began last October under the Sfax Offshore Exploration Permit in the Republic of Tunisia.
Further analysis of the well’s logging and testing results will be performed to re-evaluate the Jawhara field’s oil-in-place estimates, the companies said.
Jawhara-3 well was vertically drilled to a total depth of 2,815 metres. The Douleb and Bireno fractured carbonates formations proved to be water bearing in the compartment of the structure targeted by the well, according to the companies’ findings.
Two other secondary objectives had oil shows.
In November last year Petrogas E&P Tunisia BV, a wholly-owned subsidiary of UAE based Petrogas E&P, acquired a 35% participating (40% paying) interest in the permit from DNO in November 2014.
Under the terms of the farm-out agreement, Petrogas will pay a part of DNO’s share of the Jawhara-3 well cost in addition to its own paying interest share.
Under the agreement Petrogas also has to cover its paying interest share of prior expenditures incurred by DNO.
Completion of the farm-out is subject to approval by Tunisian authorities. Once completed, DNO will hold a 52.5% participating (60% paying) interest in the permit.
The other partners in the permit are Eurogas International and Atlas Petroleum Exploration Worldwide which together hold a 12.5% carried interest.
