By OGJ editors
HOUSTON, Aug. 17 -- Plectrum Petroleum PLC, Aberdeen, plans to spend £2.5 million on an exploration program on the 3,352 sq km Nabeul Block in the Gulf of Hammamet off Tunisia.
Plectrum has acquired 90% of REAP Tunisia GMBH, which holds 50% interest in the block. Tunisia's state-owned oil and gas company Entreprise Tunisienne d'Activités Petrolières holds the other 50%.
Plectrum will reprocess existing seismic data, acquire conventional 2D seismic data, and conduct modeling to confirm the suitability of using electromagnetic imaging and marine magnetotelluric techniques.
The Nabeul Block is in 250-800 m of water next to existing oil-producing concessions such as Birsa oil field, which produces about 20,000 b/d from Miocene age sands and carbonates. Previous seismic data identified several prospective structures capable of trapping more than 100 million boe in the Birsa sand fairway play on the Nabeul Block, Plectrum said.
Plectrum paid £250,000 for REAP along with an agreement to conduct the work program.
The initial prospect permit will extend until Jan. 24, 2008, with a further 15 years available in three increments of 5 years each. REAP retains an overriding royalty interest in the permit.
