Tunisia Remada Sud
Remada Sud
Storm Ventures International Inc. has a 71% interest in the 1.2 MM acre Remada Sud Exploration Permit in the Ghadames Basin of Southern Tunisia. We completed the drilling of an exploration well to test the Ordovician potential on a 60sq. km structure on the eastern side of the permit that has been confirmed as an oil discovery with an estimated STOOIP over 200mm bbls. The well flowed 300bopd of 45 degree API crude oil on completion. We will be testing the well during early 2009 to determine the commerciality and development potential. In addition to further appraisal of the TT2 discovery we also have a second similar sized structure that we will evaluate on the block.
The block has exploratory potential in the Ordovician, Silurian Acacus and Triassic Ras Hamia formations. All three zones are proven commercially productive from adjoining blocks in Libya or Tunisia. The Silurian Tannezuft has been proven to be mature over the block and Individual prospects appear to be 5-100mm BOIP. Ordovician test well depths will vary from 1500 - 3000m. In addition to the proven play concepts defined by offsetting production, there are at least two additional trap configurations that are prospective on the block.
Hammamet Offshore
The company has a second Tunisian focus area in the Pelagian Basin offshore Tunisia where we hold an interest in the Hammamet Offshore Exploration Permit (65%) and the Cosmos and Yasmin Oilfiled Concessions (100%).
The Hammamett block contains the previously developed Tazerka oilfield and is offset by eight proven oil discoveries.
The Tunisian authorities granted the block to SVI on June 2005 for a period of 5 years starting September 13, 2005, under favorable fiscal terms and a relatively low work commitment consisting of one exploration well and 200 km2 of 3D seismic. In 2007 we shot a 600 square km of 3D seismic to evaluate large untested structures previously recognized on the block and high-grade the most prospective test well location. The seismic has been completed and evaluated and we plan to spud the first exploration well testing the 100mm boip Fushia prospect later in 2009. Storm has farmed down our ownership position in the block and we will pay 38% of the well cost and retain a 65% interest.
We are also evaluating the potential reactivation of the Tazerka field including a potential extension to the south and the evaluation of a deeper zone not included in the original development. In the Gulf of Hammamett the publication of our purchase of Cosmos and Yasmin discoveries was gazetted, which represents the final stage of approval. We have received expressions of interest in acquiring the one third interest we are divesting and will work to complete the divestment as soon as possible. On January 19th we received confirmation of their agreement to participate in the development for 20% and expect the development plan approval from the DGE prior to the end of March 2009. We have met with the Tunisian authorities on several occasions to insure alignment of our technical position to facilitate a smooth approval of the Cosmos field development plan. Following receipt of the field development plan and securing a partner to participate in the development we will finalise the material rig and FPSO contracts and expect a 16-18 month lead time to first oil, possibly early 2010.
Jenein Centre
In March 2007, SVI was also awarded Jenein Centre, a 60,000 acre onshore block on the Triassic Tagi/Silurian Acacus oil trend in the Ghadames Basin of Southern Tunisia for an initial period of 2 years with a work commitment program consisting of 200 km of 2D seismic and one well. In 2007, we shot a 250 km 3dsurvey to and high-grade the most prospective drilling location for an exploration well in early 2009. We have secured a partner on a farmin basis and we will pay 30% of the well cost and retain a 65% working interest.The JC#1 exploration well is scheduled to spud late March 2009.