drilling in december

Bargou JV secures Hammamet West Drill Rig

Drilling Rig letter of intent signed

Hammamet West-3 appraisal well planned to commence drilling in December 2012

Target Contingent Resources 111 Million Barrels of oil
Jacka Resources Limited (“Jacka” or “the Company”) is pleased to announce that the Bargou Joint
Venture has secured the “GSP Jupiter” jackup rig for its forthcoming well at Hammamet West in the
Bargou Block, offshore Tunisia (Figure 1).
Cooper Energy Limited (“Cooper”), on behalf of the Bargou Joint Venture, has entered into a legally
binding Letter of Intent with Grup Servicii Petroliere SA (GSP) with respect to the rig contract for the
jackup rig “GSP Jupiter”. The Hammamet West-3 well is currently planned to commence drilling in
December 2012 but is subject to other operators work programs and schedules.
The Hammamet West oil discovery is located on a large anticlinal feature in the Bargou Exploration
Permit, in the Gulf of Hammamet, offshore Tunisia, in water depths of approximately 50 metres.
Two vertical wells have been drilled on the feature and the Hammamet West-2 well recovered oil on
test from the Late Cretaceous Abiod Formation. The results of the two wells indicate the presence
of a gross oil column of at least 190 metres in the Abiod Formation within the West Hammamet
structure.
The joint venture has recently completed a number of subsurface de-risking studies analyzing the 3D
seismic of the naturally fractured Abiod formation. These studies by global experts have been
integrated to allow the Joint Venture to identify preferred zones in the reservoir and determine an
optimum well trajectory and path for the pilot hole and horizontal section.
The Hammamet West-3 well will be drilled to appraise the oil resource within the Abiod Formation.
The well will initially penetrate the reservoir with a slightly deviated pilot hole (PH in Figure 2, below)
designed to confirm the depth to the top of the Abiod reservoir and also investigate the potential for
a longer oil column. A near horizontal wellbore will then be drilled through the Abiod reservoir and
tested to confirm the oil productivity of the Abiod Formation (ST1 in Figure 2).
The Abiod Formation in the Hammamet West discovery has P50 oil-in-place of 475 million barrels,
with 101 million barrels of P50 contingent resources, assuming the known 190m oil column. If
Hammamet West-3 encounters a longer oil column this could significantly increase the oil-in-place
and the contingent resources. A secondary target in the Hammamet West-3 well is the Birsa
sandstone which is assessed to have 33 million barrels of P50 oil-in-place, with 10 million barrels of
P50 contingent resources. The field is in 50 metres of water and 12 km from shore and a conceptual
development plan prepared by Worley Parsons suggests that 12 million barrels of oil could be
economic.
The participants in the Bargou Joint Venture are Cooper Energy Bargou Limited (30% and Operator),
Dragon Oil (55%) and Jacka Tunisia Bargou Pty Ltd (15%).