tunisian drilling

  1. 1,058 Posts.
    Following is the HRZ report on the well which is to be deepened in Tunisia.

    This is of course a high risk exploration play. What I like is that they are drilling a salt dome. This means that there is more chance
    of success.

    To Begin Drilling Operations in Tunisia

    Document date: Wed 11 Dec 2002 Published: Wed 11 Dec 2002 11:18:56
    Document No: 150353 Document part: A
    Market Flag: Y
    Classification: Progress Report

    HOMEX - Brisbane


    Horizon Oil NL ("Horizon") announces that it is currently moving a
    rig on location to begin drilling of the Chott Fejaj No 3A re-entry
    well in Tunisia in late December 2002. The operation involves the
    deepening of air existing well by 700 m to a total depth of 4250 in
    and should take approximately 25 days to complete. The primary
    targets are zones of Triassic and Paleozoic age that produce
    prolifically in Tunisia and neighbouring Algeria and Libya.

    Mean reserves potential is estimated to be 600 billion cubic feet of
    gas, with upside of several trillion cubic feet. Horizon is operator
    and will have a 14.29% interest in the prospect. The company may, at
    its option, increase this interest to 21.79% after the well is
    drilled, by payment of 7.5% of prior costs.


    The Fejaj permit is located in the Melrhir Basin, onshore Tunisia.
    Fields such as El Franig, Sabria, Tarfa and Baguel are located in
    the vicinity (see map). Oil and gas pipelines pass within 12 km of
    the well location, providing ready access to markets in the event of
    a discovery. There is a particularly strong demand and price regime
    for gas reserves in Italy and in Europe generally.

    Horizon participated in the drilling of the Chott Fejaj No 3A well in
    1998 to a depth of 3542 m. The well was cased and suspended at a
    depth of 3532 m to allow later re-entry and deepening. The deepening
    operation will be carried out using the Great Wall Drilling Company
    rig GW - 92.

    The Chott Fejaj structure is a large tilted fault block, covering an
    area of several tens of square kilometres at its deeper levels.
    Gross rock volumes are consequently substantial, leading to the
    potential for the structure to host significant gas reserves at one
    or more levels. Prospective Zones are the Triassic Kirchaou
    Formation, Permian sandstones of the Cheguimi Formation and Permian
    carbonates. Tunisia contains several proven petroleum systems, with
    a number of other potential systems also identified. Triassic and
    Lower Paleozoic reservoirs in the region have been sourced from
    organic-rich black shales of the Late Silurian Early Devonian
    Fegaguira Formation.


    Horizon's Chief Executive Officer, Mr Brent Emmett, said: -

    "The deepening of the Chott Fejaj 3A well fits within part of
    Horizon's stated game plan, which is to generate and drill high
    potential exploration projects. The test will expose shareholders to a
    potential return of multiples of the company's present worth at a
    relatively small capital cost. If successful, the proximately of
    existing infrastructure will allow a discovery to be brought into
    production quickly and Horizon has the option of increasing its
    interest further to a very significant level."

    BD Emmett

    For further information please contact:

    Brent Emmett

    Tel: (+612) 9332 5000
    Fax: (+612) 9332 5050

    Email: [email protected]

    Or visit our web site: www.horizonaoil.com.au

    A copy of the Map is available in PDF format on www.asx.com.au.
    Alternatively it is available for purchase from ASX Customer Service
    on 1 300 300 279.


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