Norwegian oil and gas company DNO International has completed its farm-in into two oil licenses, Sfax Offshore Exploration Permit and the Ras El Besh Concession, in Tunisia
The Oslo-based company’s wholly-owned subsidiary DNO Tunisia now holds an 87.5 per cent participating (100 per cent paying) interest in the permit and the concession, in respect of which it has assumed operatorship and a significant share of the existing cost pool.
The Sfax Offshore Exploration Permit and the Ras El Besh Concession are located in the prolific Gulf of Gabes. To date, three discoveries have been made with combined gross recoverable resources ranging between 35mn to 60mn barrels of oil. These assets hold significant exploration potential with 29 identified prospects which in the aggregate are estimated to contain between 500mn to 700mn barrels of oil of gross unrisked resources.
"Having finalised the transaction and received government approvals we will proceed now with a fast track exploration and development programme designed to materially expand our footprint in Tunisia," said Bijan Mossavar-Rahmani, executive chairman, DNO International.
The company also holds interests in the Hammamet Exploration Permit and the Fkirine Prospecting Permit, both offshore Tunisia.