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Tunisia is an established oil and gas producer with production since 1966 and current output of approximately 80,000 boe/day. The country benefits from a low OPEX environment with significant presence from oil service providers in the region.
TPS Assets
The TPS Assets comprise five oil field concessions in the region of the city of Sfax, onshore and shallow water offshore Tunisia. The concessions are Cercina, Cercina Sud, Rhemoura, El Ain/Gremda and El Hajeb/Guebiba. The oil fields were discovered in the 1980’s and early 1990’s and have produced over 60 million barrels of oil to date. Production has remained stable at rates in excess of 4,000 barrels of oil per day since Panoro acquired the assets in 2018 and the Company sees opportunities to restore production to historic levels of 6,000 bopd gross. Approximately 50 wells have been drilled in the TPS fields to date, whilst some of these wells have been abandoned, 12 remain on production with 7 wells currently shut-in awaiting workovers or reactivation. Two wells are used for disposal of produced water. Production facilities consist of the various wellhead installations, connected via intra-field pipelines to processing, storage and transportation systems. Crude is transported to a storage and export terminal about 70 km south of the Assets at La Skhira. Panoro Tunisia Production AS indirectly owns a 49% interest in the fields and a 50% interest in the TPS operating company. The remaining interests are held by the Tunisian State Oil Company ETAP. Panoro’s net interest in TPS operations is 49% (1).
During 2021 gross production from the TPS Assets amounted to 1.66 MMbbls. The gross 2P reserves on the license were estimated as of end 2021 to be approximately 17.7 MMbbls and un-risked gross 2C resources 5.3 MMbbls.
Operations Map
Click image above to enlarge map
Key Facts
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Asset
TPS Assets
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Status
Production
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Ownership
49%
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Partners
ETAP
Sfax Offshore Exploration Permit and Ras El Besh Concession
Key Facts
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Asset
Sfax Offshore Exploration Permit and Ras El Besh Concession
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Status
Exploration
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Ownership
87.5%
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Partners
ETAP (permit holder), Atlas Petroleum Exploration and Eurogas International
(1) About Panoro’s Operations in Tunisia
On 18 April 2023 Panoro announced that it had entered into a definitive agreement with Beender Tunisia Petroleum Limited (“Beender”) to acquire its 40% shareholding in Sfax Petroleum Corporation AS (“SPC”). SPC through its subsidiaries, indirectly owns a 49 percent interest in the producing TPS, and an 87.5 percent interest in the Sfax Offshore Exploration Permit (“SOEP”) offshore Tunisia. Prior to the Acquisition, Panoro’s effective ownership of SPC stood at 60% (29.4% in the TPS Assets and 52.5% interest in SOEP). Post the Acquisition Panoro’s ownership of SPC increased to 100% (49% interest in the TPS Assets and 87.5% interest in SOEP) and SPC became a fully owned subsidiary of Panoro.
