Sfax Offshore Exploration Permit and Ras El Besh Concession
Tunisia is an established oil and gas producer with production since 1966 and current output of approximately 100,000 boe/day. The country benefits from a low OPEX environment with significant presence from oil service providers in the region.
The Sfax Offshore Exploration Permit, containing the Ras El Besh Concession, lies in the prolific oil and gas Cretaceous and Eocene carbonate platforms of the Pelagian Basin offshore Tunisia. In the vicinity of the Permit area are numerous existing producing fields with infrastructure and spare capacity in pipelines and facilities.
The Permit is operated by Panoro Tunisia Exploration AS and Panoro’s current interest in the license is 85%. There are three oil discoveries on the permit, Salloum, Ras El Besh, and Jawahra, with gross recoverable oil estimated by the former operator of 20 million barrels.
In addition to these discoveries there is considerable exploration potential in the Permit, and the previous operator’s P50 unrisked gross estimate was 250 million barrels.
Hammamet Offshore Exploration Permit
Hammamet Offshore Exploration Permit lies in the Gulf of Hammamet offshore Tunisia. The license is operated by Medco Energi and Panoro’s interest is 46%. The Permit term expires in September 2018 and relinquishment is being considered.
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Asset: Sfax Offshore Exploration Permit and Ras El Besh Concession
Partners: ETAP (permit holder), Atlas Petroleum Exploration and Eurogas International
Asset: Hammamet Offshore Exploration Permit
Ownership: 46% (30% of any withdrawal penalty)