'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."
JKA Price at posting:
15.6¢ Sentiment: LT Buy Disclosure: Held