Tunisia

By OGJ editors
HOUSTON, Mar. 1 – Storm Ventures International Inc., Calgary, plans to drill the Fushia-1 exploratory well in the Hammamet Offshore license in northern Tunisia, in which RAK Petroleum PCL of Ras Al Khaimah has taken a 30% interest.

Storm Ventures remains operator with 35%, and Cooper Energy of Australia has 35%.

The license has two ready to drill prospects and several leads. Fushia-1, in the Pelagian basin, is to be drilled in the third quarter of 2010 subject to rig availability.

The Fushia prospect is a complex of four structures separated by semiparallel faults mapped on 3D seismic. The structures are on the same northwest-trending structural high as South Cosmos field and are flanked to the south by a deep graben that is thought to source South Cosmos oil.

The first well will test the fault compartment known as Structure B, said Bijan Mossavar-Rahmani, RAK Petroleum managing director and chairman..

“While the larger field structure is complex, we believe Fushia offers the potential of hundreds of millions of barrels of oil in place if the four fault structures are all proven to contain oil.”

Elsewhere on the license, Storm Ventures is evaluating the reactivation of Tazerka field, including a potential extension to the south and the evaluation of a deeper zone not included in the original development.