EnQuest to acquire interests off Tunisia

EnQuest PLC, London, has agreed to acquire 70% participating interests in the oil-producing and development assets of PA Resources AB in the Gulf of Gabes offshore Tunisia and will become operator.

PA Resources, Stockholm, retains 30% interests in the offshore properties and 100% of its onshore interests in Tunisia.

The acquisition encompasses mature Didon oil field and the Zara Permit, on which two discoveries have been made (OGJ Online, June 12, 2009).

Didon, in 70 m of water 70 km offshore, is a 1976 discovery that began producing in 1998. Cumulative production is 31 million boe. Current production is 1,400 boe/d from a good-quality reservoir with a water cut of about 60%.

EnQuest estimates Didon’s net producing proved and probable reserves at 2 million boe. It expects reserves to increase with further development involving the drilling of two infill wells.

Zarat field, 80 km offshore in 90 m of water, is a 1992 oil and condensate discovery in moderate-permeability fractured limestone. EnQuest estimates net contingent resources at more than 40 million boe.

Elyssa gas field, also on the Zara Permit, is 50 km offshore in 50 m of water.

Permit commitments include an appraisal well at Elyssa and an exploratory well on the Zara Permit.

EnQuest agreed to make PA Resources an up-front cash payment of $23 million on completion of the transaction. It also offered carry consideration of up to $93 million contingent on its sanctioning of Zara field development and agreed to make additional contingent payments of as much as $133 million related to project developments and achievement of targets.

PA Resources’ onshore Tunisian interests include Douleb, Semmama, and Tamesmida fields and exploration acreage in the Jelma, Makthar, and Jenein Centre licenses.

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