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MENAFN - ProactiveInvestors - Australia - 16/07/2012

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(MENAFN - ProactiveInvestors - Australia) Jacka Resources (ASX: JKA) and Cooper Energy (ASX: COE) have secured a rig to drill an appraisal of an offshore Tunisia oil discovery that increase current contingent resources of 111 million barrels of oil.

Hammamet West-3 will further assess the oil resource within the Abiod Formation that was discovered by the Hammamet West-1 well in 1967 and could increase the current resource if it encounters a longer oil column than the current 190 metres.

The well will initially penetrate the reservoir with a slightly deviated pilot hole before a near horizontal deviated wellbore is drilled and tested to confirm the oil productivity of the Abiod Formation, which holds best estimate (P50) contingent resources of 101 million barrels of oil.

Hammamet West-3 will also test the Birsa Sandstone that is currently assessed to hold P50 contingent resources of 10 million barrels of oil.

The GPS Jupiter jack-up drilling rig is expected to be available to drill the well in the March 2013 quarter.

Hammamet West is located on a large anticlinal feature in the Bargou Exploration
Permit in 50 metres of water and about 12 kilometres from shore.

A conceptual development plan prepared by Worley Parsons suggests that 12 million barrels of oil in reserves could be economic.

The participants in the Bargou Joint Venture are Cooper Energy (30% and Operator), Dragon Oil (55%) and Jacka (15%).

Cooper's contribution to the well will be fully funded up to US26.6 million by Dragon Oil and Jacka who have farmed in to the Bargou permit.

 






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