Cooper confirms estimated 94 mm barrels of oil in Tunisian prospect

West African oil explorer Cooper Energy confirmed that its 100 % prospect in Tunisia contains an estimated 94 mm barrels of oil.
The Menzel Horr prospect in the Gulf of Hammamet, Tunisia, is reported to have the potential for greater volumes because it lies close to producing fields.

Cooper says Menzel Horr, which is onshore though extends into the company's permits within the gulf, has an estimated 94 mm barrels though 24 mm is deemed as recoverable. It reported to the ASX that it is expected that 1-2 mm barrels of recoverable oil would be the minimum field size that could be economically developed.
Cooper managing director Michael Scott says the prospect is a "risk acceptable target''.

"Early success here would be expected to deliver a revenue stream that would assist in the funding of any offshore discoveries,'' he says.
"We are keen to pursue the drilling of this target as soon as possible and we are now seeking routes to achieve this.''

The next step is to identify suitable rigs and get government approvals -- expected early to mid 2010 -- and then drill the onshore site in late 2010.
A Menzel Horr-1 exploration well and production test has been designed by IPSAA in Perth and is expected to cost around $ 5 mm, depending upon the rig rate prevailing at the time.