Tunisia Oil and Gas news

Leading central European oil and gas group OMV has discovered new gas reserves in its Ahlem-1 exploration well in Southern Tunisia.

This is the third successful discovery in the permit within the last two years, according to a company official. “The cumulative flow rate of all layers tested by the Ahlem-1 well amounts to 3,500 bbl/d of condensate and 120 cf/d (20,000 boe/d) of gas. Drilling of the next exploration well in the block is expected to commence in July,” said Helmut Langanger, OMV executive board member responsible for exploration and production.

“Acquisition of 600 square kilometer of additional 3D seismic is also planned to start this month. OMV and the Tunisian national oil company ETAP, each hold a 50% interest in the Jenein Sud exploration permit, which covers an area of 1,992 sq km, 700 km south of the Tunisian capital Tunis,” he added. (TradeArabia News Service)

DUBLIN, Ireland - (Business Wire) Research and Markets (http://www.researchandmarkets.com/research/a12359/tunisia_oil_and_ga) has announced the addition of the "Tunisia Oil And Gas Exploration And Production Industry Investment Opportunities, Analysis and Forecasts to 2012" report to their offering.

Summary:

This profile is the essential source for top-level industry data and information relating to the Exploration & Production industry in Tunisia. It provides asset level information relating to the active and planned oil and gas fields and exploration blocks in Tunisia. The profiles of the major companies operating in the upstream industry of Tunisia are also included in the report. The latest news and deals pertaining to the sector are also provided and analyzed.

Scope:

- Updated information relating to all active and planned exploration blocks.

- Provides historical and forecast data and information for all the major operating and planned crude oil and natural gas fields.

- Details operators and equity partners of oil and gas fields and exploration blocks.

- Includes information relating to license round details, start and end dates, acreage, location, and reserves.

- Information on the top companies in the sector including business description, strategic analysis, and financial information.

- Product and brand updates, strategy changes, R&D projects, corporate expansions and contractions and regulatory changes.

- Key mergers and acquisitions, partnerships, private equity investments and IPOs.

Reasons to buy:

- Obtain the most up to date information available on exploration licenses and oil and gas fields.

- Identify growth markets and opportunities in the industry.

- Facilitate market analysis and forecasting of future industry trends.

- Facilitate decision making on the basis of strong historic and forecast data.

- Assess your competitor’s exploration and production asset portfolio.

- Understand and respond to your competitors business structure, strategy and prospects.

- Develop strategies based on the latest operational, financial, and regulatory events.

- Do deals with an understanding of how competitors are financed, and the mergers and partnerships that have shaped the market.

- Identify and analyze the strengths and weaknesses of the leading companies in each the country.

Key Topics Covered:

-Introduction

-Tunisia, Country Snapshot

-Tunisia, Crude Oil And Natural Gas Production

-Tunisia, Crude Oil And Natural Gas Forecasts

-Tunisia, Exploration Block Details

-BG Group plc

-Eni S.p.A.

-OMV Aktiengesellschaft

-Tunisia Exploration and Production Industry, Financial Deals Landscape (July, 2007 - June, 2008)

-Tunisia Exploration and Production Industry, Recent Developments (July, 2007 - June, 2008)

-Appendix

Companies Mentioned:

-BG Group plc

-Eni S.p.A.

-OMV Aktiengesellschaft

For more information visit http://www.researchandmarkets.com/research/a12359/tunisia_oil_and_ga

Source: Global Markets Direct

Tunis - APEX(Atlas Petroleum Exploration Worldwide, Ltd) have started drilling in its late discovery (2004) in Rash El Besh the Jawhara oil pool (Offshore), the spud have been initialized since mid June and seems continuously successful.

LONDON (Thomson Financial) - Circle Oil Plc. said it has signed a farm-in agreement for the Mahdia Permit offshore Tunisia with Tethys Oil and Mining Ltd.

Following the farm-in, the oil and gas exploration and development company will hold a 70 percent working interest in the permit.

Circle will become operator once the acquisition of 500 km of additional 2D marine seismic is complete, prior to the start of any drilling in the permit.

The permit commitments require the acquisition of 500 km of 2D seismic in the first two years of the licence, which started in July 2007, and the drilling of one commitment well in the subsequent three years to 2012, Circle said in a statement.

'These prospects remained undrilled due to their size and historic lower oil prices, but they are now very commercial,' said CEO David Hough. 'With good potential reserves they are now definitely worth pursuing.'

CALGARY, ALBERTA--(Marketwire - June 16, 2008) - Eurogas Corporation ("Eurogas" or the "Corporation") (TSX VENTURE:EUG)is pleased to announce that drilling commenced on June 16, 2008 on the Ras el Besh structure on the Sfax Exploration Permit in Tunisia. The Ras el Besh 3 ("REB3") well is the first well drilled by Eurogas and its partners on this oil structure located 30 kilometers off the east coast of Tunisia in the Gulf of Gabes in 12 meters of water. Two prior wells, REB1 and REB2, drilled by a previous operator in the 1990's were located off the crest of the structure and were abandoned after REB2 tested oil to surface at an equivalent rate of 612 bopd.

The main target for the REB3 will be the Tertiary El Garia carbonates that produce oil and gas in several large fields along a trend that extends from offshore Libya through the Sfax permit to onshore Tunisia. REB3 will initially be drilled as a vertical pilot hole to a depth of 1,800 meters in order to evaluate the reserve potential, and, depending on the results of the evaluation, will then be sidetracked horizontally for approximately 1 kilometer. The drilling of REB3 could take up to 70 days depending on the results of the well.

The Delta Queen jack-up rig, owned by Sea Wolf Oil Services Limited, has been contracted to drill two wells with an option for two additional wells. Subject to favorable results of the REB3 well, an additional well, REB4, will be drilled in the Ras el Besh structure. After drilling at Ras el Besh has been completed, the rig will be moved to evaluate the Jawhara oil structure, located approximately 30 kilometers south of Ras el Besh, which was also drilled by a previous operator, testing oil to surface at an equivalent rate of 1200 bopd.

REB3 is the first well drilled under the partnership arrangement announced on April 8, 2008 between Eurogas, Atlas Petroleum Exploration Worldwide, Ltd. ("APEX") and Delta Hydrocarbons B.V. ("Delta"). In accordance with the partnership agreement with Delta, the costs of the wells, as currently planned, will be borne by Delta, as part of a larger commitment to earn a 50 % participation in the Sfax permit. After the total commitment has been fulfilled by Delta, Eurogas will retain 22.5%, APEX 27.5% and Delta 50% participating interest in the Sfax Offshore Permit.

Eurogas Corporation is an independent oil and gas exploration company listed on the TSX Venture Exchange under the symbol EUG and is engaged in development of a major underground storage facility offshore the east coast of Spain, and the exploration and development of oil and gas in Tunisia's Gulf of Gabes. For more information on the Corporation, visit the website www.eurogascorp.com.

PA Resources has completed the drilling of the production well Didon-7 on the Didon oil field offshore Tunisia. The initial pilot hole encountered the top reservoir five meters higher than prognosis which will increase the reserves of the field. The drilling of a 500 meter horizontal drain has also been completed and production has now started from the well.

The oil and gas group PA Resources has completed the drilling of the production well Didon-7 as part of the development program on the Didon oil field in Tunisia. A pilot hole and a horizontal producer have been drilled by the jack-up rig Ensco 85 and production tests were performed. Following well testing, the Didon-7 has been put on regular production at a level of 12,500 barrels of oil per day.

The pilot hole encountered the top reservoir five metres higher than prognosis. Wire line logs and pressure data confirmed good reservoir properties and a 30 meter oil column. The horizontal section was successfully drilled high in the reservoir to maximize oil recovery. A 500 meter long drain was completed within the two upper layers of the reservoir at a horizontal level of 2,714 metres. The total length of the well is 4,015 meters. The drain showed that the structure is about six to eight meters higher than prognosis in this area if the field.

The Didon-5 well, whi ch was shut in prior to start-up of the well Didon-7, is currently being hooked up for production and it will be back in production in the End of June.

"We are very happy with the successful drillings and the fact that we now will be able to increase the total production from the Didon-field," says Ulrik Jansson, President and CEO at PA Resources AB.

PA Resources has a 100 percent working interest in the Didon field.

Candax Energy Inc. announces that the drilling of the onshore Ezzaouia 17 well commenced today. The well targets an un-drilled fault block in the east section of the field. Following the completion of the Ezzaouia 17 well, the rig will move to the second infill location, Ezzaouia 18, and following that well, it will move to Chaal.

In addition, the Company has completed its first equity tanker lifting of crude oil for 2008 during the last week of May lifting approximately 120,000 barrels net to Candax.

The Tunisian Government has confirmed the two year extension of the first exploration period of the Chaal Permit, with no additional work commitments. The drilling of the Chaal-1 side-track well and test program is scheduled to commence in late August / early September 2008.

Michael Wood, President & CEO stated:
"Candax is working hard to optimize both our onshore and offshore oil production at a time of record oil prices. The two well Ezzaouia drilling campaign is an important investment designed to maximize our near term onshore oil production. We are also pleased to be working so effectively with the Tunisian government to further appraise the Chaal discovery later this year. The El Bibane offshore development project is still in progress, however we are pleased to confirm that the weather critical operation of the offshore topside installation at EBB3 was successfully completed today, the remainder of the hook-up, testing and commissioning work is much less weather dependent and thus production start-up is now planned to be completed in the next few weeks from the EBB3 well and optimization work to maximize offshore production can then be delivered."