ASX Release
27th July 2010
Lambouka-1 Well - Operations Update
#3Activities during past week:
Following the resolution of rig power supply issues reported in the
previous update, a final wiper trip of 26" hole was conducted, then 20”
casing was run and cemented to a depth of 922m. All rig anchors were
successfully tested to full storm tension compliance.
Following the running of BOPs and the Sub Sea Riser to a 610m water
depth weather conditions deteriorated and rig operations were suspended.
Waited for weather conditions to improve for approximately 48 hours,
work continued to run BOPs on riser.
Weekly Operations Forecast:
Forecast operations during the coming week are as follows:
• Latch BOPs to wellhead and pressure test BOP and connector
• Drill 16’’ hole to approximately 1,340 meters MD
• Run and Cement 13 3/8” casing
Note: Contrary to statements in the previous operations update it is
expected that the first potentially hydrocarbon bearing reservoir (the
Birsa sandstone) will be encountered in the 12-1/4”hole section.
Participants in the Lambouka -1 well are as follows (note 1):
ADX (note 2) 30% Operator
Gulfsands Petroleum Plc 30%
Carnavale Resources Ltd 20%
XState Resources Limited (note 3) 10%
PharmAust Limited 10%
Notes:
1. The respective interests in the Lambouka Prospect area in the Kerkouane Permit
and the Pantelleria Licence are based on the completion of all farmin obligations.
2. ADX’ interest is held via wholly owned subsidiary Alpine Oil & Gas Pty Ltd
3. XState Resources Limited interest is held via wholly owned subsidiary Bombora
Energy Limited.
For further details please contact:
Wolfgang Zimmer Ian Tchacos
Managing Director Chairman
+43 (0) 676 358 1214 +61(08)9226 2822
www.adxenergy.com.au
Lambouka Prospect Summary
The Lambouka prospect is located in the ADX operated Kerkouane
permit offshore Tunisia. The Lambouka–1 drilling location is
approximately 160km North East of Tunis in the Sicily channel.
Lambouka is a large 70 square kilometre area tilted horst block which
contains three potentially hydrocarbon bearing reservoirs. The goal is to
drill a safe well to a total depth of 3,000 meters and to fully evaluate the
three potential hydrocarbon formation objectives for the well. All three
objectives are proven and producing reservoirs in the Sicily Channel and
adjacent the Gulf of Hammamet. The nearest offset well is the Dougga–
1 gas condensate discovery in the Kerkouane permit located
approximately 22 km SSW of Lambouka-1.
In the event of a discovery it is predicted that the first and shallowest
reservoir (Birsa sandstone) could contain oil, whereas the final and
deepest reservoir (Abiod carbonate reservoir) would most likely contain
gas condensate, analogous to the nearby Dougga gas condensate
discovery.
Lambouka straddles two licences (the Kerkouane Permit in Tunisia and the
Pantelleria License in Italy) as well as the border between Tunisia and Italy. The
participants in the “Lambouka Prospect Area” which is a limited area defined over
the Lambouka prospect within both the Kerkouane and Pantelleria are the same
in the subset of both licenses.
Lambouka is one of the largest undrilled prospects in the Mediterranean. By
bringing together the Kerkouane and Pantelleria licenses under one operator,
ADX has been able for the first time to map the entire structure. This is the likely
reason that Lambouka has remained undrilled until now.
The prospect was originally mapped on 2D seismic then recently reconfirmed and
remapped on a new 3D seismic data set. The new state of the art 3D seismic was
acquired in March 2010 and a “fast-track processing cube” was completed on the 2
May 2010. The 3D data set was used to select the final drilling location for the
Lambouka-1 well.
ADX has estimated the mean prospective resource for the Lambouka prospect at
270 million barrels oil equivalent (“MMBOE”). While a commercial oil discovery
will likely result in an independent oil development, it is likely that a gas
condensate discovery would be developed in conjunction with Dougga. Dougga
has been independently assessed to contain a mean resource of 177 Bcf of sales
gas, 28.4 mmbbls of condensate and 9.4 mmbbls of LPG.
It is estimated that the well will take about 35 days to drill and evaluate and cost
approximately US$22 million
Greeny