Latest Petroleum News

[06.14.2010] British Gas Spins Bit in Offshore Tunisia Development. In late May 2010,?British Gas Tunisia Limited (BG) was testing Hasdrubal A4ST3 in its?Hasdrubal field, offshore Pelagian Basin.

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[02.08.2010] Apex plans wells in Sfax Offshore Permit. Atlas Petroleum Exploration Worldwide Ltd (APEX) plans to appraise the Jawhara structure in the Sfax Offshore exploration permit, offshore Pelagian Basin

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[11.11.2009] Petrofac Resources International Ltd (Petrofac) is planning to tie a pre-drilled third well (Chergui-3) into the Chergui field central production facility in Kerkennah Island in 2010.

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[08.20.2008] Apex Strikes Oil Offshore Tunisia. Atlas Petroleum Exploration Worldwide Ltd. (Apex) reached a total depth of 7,231 feet (2,204 m) with the Ras El Besh 3 (REB3) well on the Sfax Offshore Permit in Tunisia.

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Apex plans wells in Sfax Offshore Permit

February 8, 2010

Atlas Petroleum Exploration Worldwide Ltd (APEX) plans to appraise the Jawhara structure in the Sfax Offshore exploration permit, offshore Pelagian Basin. Joint-Venture partner Eurogas International Inc indicated in its 2009 annual report that the estimated budget for the Sfax Permit and the Ras-El-Besh Concession for 2010 is USD 5.9 million. The 2010 work program includes feasibility studies to evaluate the Salloum oil prospect as a future drilling candidate. The company is to drill a well in the permit by 8 December 2011.

On 22 May 2009, Eurogas announced that, together with its Joint Venture partner APEX, it has reached an agreement with Delta Hydrocarbons BV (Delta) with respect to Delta's previously expressed desire to pull out of the Sfax Offshore permit and associated Ras El Besh (REB) concession, offshore Pelagian Basin. Under the agreement, Delta will reassign its 50% interest in the Sfax Exploration permit and the REB concession, and transfer its shares in Innovative Productions Services Limited (IPS) to the remaining Joint Venture partners. On completion of the reassignment of Delta's participating interest, subject to the approval of the Tunisian regulatory authorities, Eurogas will have a 45% participating interest in the Sfax Exploration permit, REB Concession and IPS. APEX's interest will be 55%.

Delta will be entitled to a portion of certain payments, when received by the Joint Venture, including a share of the proceeds from the cost oil part of any future production revenues and a share of the proceeds from any sale or lease of assets, to a maximum of USD 20 million. Delta remains committed to fund 50% of any costs associated with the abandonment of the REB-3 well until 9 December 2011. Prior to exiting the Joint Venture, Delta had expended approximately USD 110 million on the project.

The 2009 work program for the Sfax permit and REB lease was budgeted at USD 12.8 million and plans the acquisition of 380km of 2D seismic over the REB discovery. On 19 January 2010, the Tunisian Hydrocarbon Committee approved a two year extension to the Sfax Offshore exploration permit which will extend the primary term to 8 December 2011. The partners have committed to drill one exploration well during this extension period.