OMV secures offshore Tunisia exploration license

OMV AG has agreed to acquire an exploration license off Tunisia from Thani Tunisia Sidi Mansour BV, bringing OMG's total to two exploration licenses and five production licenses.

April 29, 2008

Uchenna Izundu
International Editor

LONDON, Apr. 29 -- OMV AG has agreed to acquire an exploration license off Tunisia from Thani Tunisia Sidi Mansour BV, bringing OMV's total to two exploration licenses and five production licenses.

The company plans to shoot 500 km of 2D seismic and will operate the Sidi Mansour exploration license, in which it holds an 80% stake. The license area spans 6,592 sq km in water as deep as 60 m.

The acreage is in the Gulf of Gabes, 30 km north of producing oil fields Ashtart and Cercina, in which OMV also holds interests. OMV and Tunisia's oil company ETAP also together hold a 50% interest in the exploration permit Jenein Sud in Southern Tunisia that contains the two discoveries Warda and Nawara.

The deal is conditioned on approval by Tunisian authorities and ETAP.

Contact Uchenna Izundu at [email protected].