OilVoice - Papuan Oil Search Announces Onshore Tunisian Farm-in Opportunity

Papuan Oil Search Announces Onshore Tunisian Farm-in Opportunity

Tuesday, May 11, 2010

Papuan Oil Search Limited is seeking partner(s) to farm-in to the onshore Tajerouine project in the Tunisian Atlas basin.

Overview:
Tunisia is a politically stable country with good fiscal terms for both oil and gas. Low minimum economic field size and potential for rapid cash flow exists with good existing infrastructure.

The Tajerouine permit is an onshore exploration opportunity comprising a large under-explored permit containing proven plays and a proven working hydrocarbon system.

Oil and gas discoveries are present in adjacent permits to the south and west. Potential for large deep tilted fault blocks have been recently identified from newly acquired seismic data. These fault blocks provide significant upside potential to the surface anticline play which has traditionally been targeted.

Oil Search (Tunisia) Limited is operator with 100% equity. Oil Search is seeking a farminee to participate in the acquisition of up to 400km of new 2D seismic data in mid 2010 with an exploration well in mid 2011.