EnQuest takes over Tunisia asset

Monday, July 14, 2014

UK-based independent explorer EnQuest has taken over a 70% stake in the Didon concession offshore Tunisia from Sweden's PA Resources for US$23 million.

A deal to take over a stake in the Zarat permit, agreed at the same time as the deal on Didon, is yet to complete. Both are EnQuest's first international production acquisitions.

According to a June 13 announcement, outlining the deal, it includes 2MMboe of net producing 2P oil reserves in the Didon oil field and more than 40MMboe of net contingent resources in the Zarat Field.

Two infill wells in the Didon oil field are due to add additional reserves in the near future, EnQuest said at the time.

PA Resources will retain a 30% participating interest in both offshore permits.

On the Zarat permit, EnQuest also offered carry consideration of up to $93m payable following its sanctioning of the Zarat field development. Additional consideration of up to $133m is payable in relation to the potential developments in the Zarat and Elyssa fields. 

Didon is located 70km offshore Tunisia, in 70m water depth. The field was discovered in 1976, with first oil in 1998 and production to date of 31MMboe. Current daily production is around 1400boe/d. Didon is a mature offshore oil field with a good quality reservoir and with a current watercut of approximately 60%. Further field development is planned including a two infill well program.

Zarat is 80km offshore, in 90m water depth. Discovered in 1992, it is an undeveloped offshore oil and gas condensate discovery in moderate permeability fractured limestone. Elyssa is 50km offshore in 50m water depth. Discovered in 1975, it is a dry gas discovery in both the Bireno and Cherahil reservoirs. There are commitments to drill one appraisal well at Elyssa, and one exploration well in the Zarat permit area.

Image from PA Resources. 

 

Categories: Drilling Activity Oil

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