The earliest exploration was dominated by onshore discoveries in 1966 (800mmbo), 1974 (400 mmbo). First production in 1966. Since then 35+ fields have been discovered. A lack of effort in the 1980's led to decline in the oil drillings. In the 1990's the Tunsian goverment introduced a more lenient approach and this led to the prospectivity of new formations namely ABIOD, Bou Dabbous and Birsa.
In one location the Birsa sandstine flowed up to 24000 bopd.(WOW!) Then discoveries in Abiod inland included Sidi El Kilani (1993) with ABIOD formations at up to 15000bopd.(WOW again). In the north about this time another well was tested but no oil shows occured? but a DST was performed and low and behold a 52.5 API oil flowed at 6800 bopd. through a 1 inch choke.(Another BIG WOW!) - the ABIOD line search was abandoned and the well was a Bou Dabbous formation producer. Another well 5km north flowed 7000bopd from fractured Bou Dabbous in an extended test.
The exploration history offshore in the Gulf of Hammamet began in the 1960's and significantly has a VERY HIGH success rate with some 11 filds from some 40+ well. Some of these are producing 5000-10000 bopd now. In the northern part of the Gulf the Birsas have been predominantly the producers with many flows of 2000-5000bopd.
In 1987 ENI discovered the Maamoura field (12 km away from Hammamet West3 only) and found oil in Grab Limestones above Abiod (3050bopd) but also then in ABIOD at test 3700bopd). I would say that these discoveries did at the time not use HORIZONTAL so that says it all. ENI have since developed this 15sqkm closure and today are producing up to 10000bopd as well as 30mmscf/d of gas.
The Baraka-1 discovery in 1998 was drilled just 25 km south of Maamoura also flowed 4300 bopd from Birsa.
Anyway enough , its plain the region is very oil rich. AND most large flows involved only VERTICAL drillings, so that says alot also as to the region. Cooper/Dragon/Jacka are in play to now horizontally drill ABIOD. So what chances of a significant strike.
Anyway - just to cut the story short ,all that perhaps matters is that oil is there NOW (192 m) so leave the rest to your imagination.. If the present drilling gets it SPOT-ON into multiple fractures, what are the chances of 5000 bopd, 10000 bopd, 12000 bopd..more.. ALL REALLY POSSIBLE! (BUT for now - WAIT and SEE)
Last but not least - ONLY DAYS AWAY perhaps now.
JKA Price at posting:
8.9¢ Sentiment: Buy Disclosure: Held
