Cooper Energy Limited announces that the Conditions Precedent enabling Dragon Oil Ltd to become a full participating member of the Bargou joint venture in Tunisia are now all satisfied following approval of the Dragon farm-in from the Tunisian Hydrocarbons Consultative Committee.
Following the approval, the Bargou Joint Venture comprises Dragon Oil 55%, Cooper Energy 30% and Jacka Resources 15%.
Operational Update – Hammamet West 3 (HW3)
Well services contract awarded
Preparations for drilling of the Hammamet West-3 well in the Bargou permit have progressed consistent with the plan with CE Tunisia Bargou Ltd awarding a contract for Well Management Services to AGR Petroleum (ME) Ltd – Dubai.
The scope of the contract includes planning and executing drilling operations and post well activity. Drilling of the Hammamet West-3 well is targeted to commence in Q4 2012. The Hammamet West-3 well will include a horizontal well using modern drilling techniques to increase the potential for the reservoir to flow at commercial rates. A fracture study for the Hammamet West-3 well is being undertaken to determine the optimum horizontal drilling path for the well. The fracture study will be a key input to the well basis of design.
Source: Cooper Energy, April 3, 2012