Cooper close to exiting offshore Tunisia

Offshore staff

ADELAIDE, AustraliaCooper Energy is progressing plans to complete its withdrawal from various exploration licenses offshore Tunisia.

At the Bargou permit (Cooper 30%): the only remaining work obligation for the current permit term is the abandonment of the Hammamet West-3 well.

Work on the program should get under way next month. Cooper has advised the joint venture of its intention to withdraw following completion of this task.

Cooper has also withdrawn from the offshore Hammamet permit but has been subsequently served with a request for arbitration by the remaining joint venture partners Medco Ventures International (Barbados) and DNO Tunisia.

Both companies are seeking security from Cooper for its 35% share of a well which is yet to be drilled, and for unspecified damages for a claimed breach of the operating agreement.

Cooper says the claim is without basis and denies any liability for activities undertaken during an extension period of the permit, since it elected not to participate.

10/26/2016

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