Cooper Energy has agreed the terms of its exit from the Nabeul Permit, offshore Tunisia, with the country's government.
The Nabeul joint venture has agreed to pay compensation of US$3.2 million to fulfill its remaining permit obligations that previously included drilling a well.
Cooper Energy’s $2.7 million share of this compensation had been previously fully provided for through a provision in the company’s financial statements at 31 December 2015.
The permit had been due to run through to 2021 and covered 3353sq km. Cooper still has stakes in the Hammamet (35% non-operated) and Bargou (30% operated) permits. The Hammamet permit is due to expire in September this year. Bargou runs through to 2021.