ARCO TO EXPLORE TRACT IN TUNISIA
ARCO Tunisia Inc. has signed a contract with the Tunisian government covering 3 years of exploration rights to the Sbiba block near Tunisia's border with Algeria.
The 4,936 sq km block lies near the producing Douleb/Semmamma and Tamesmida fields, operated by Ste. Nationale Elf Equitaine. A pipeline runs from those fields to an export terminal on the Gulf of Gabes.
Project partner Pict Petroleum (Tunisia) Ltd. said exploration is to begin in August with a seismic survey over two of several large structures identified on the permit.
Pict expects a wildcat to be spudded about yearend, completing work commitments on the block.
Tunisia's Entreprise Tunisienne d'Activites Petrolieres (ETAP) will be a carried partner during the exploration phase. If a commercial discovery is made, ETAP will pay its share of exploration costs incurred.
Sbiba block partners are operator ARCO 39%, Pict 10%, ETAP 50%, and Geodyne Tunisia Ltd. 1%.
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