Libya-Tunisia: Zarat field judged to be a giant

By OGJ editors
HOUSTON, June 9
– Sonde Resources Corp., Calgary, believes that it is feasible to develop Zarat oil and gas field on the 768,000-acre 7th of November block shared by Libya and Tunisia in 80-120 m of water in the Mediterranean.

Consulting engineers judge Zarat to contain 362 million bbl of original oil and condensate in place plus 981 bcf of gas, 50% carbon dioxide, in its southern and central portions. The northern portion of the field was not assessed. Of these amounts, 207 million bbl and 471 bcf in place are attributed to the 7th of November block.

Sonde noted that no commercial production exists in the area, development economics are uncertain, and neither Sonde’s board, the Tunisian government, nor Joint Oil has approved a development plan. Sonde and the consultants plan to develop a working reservoir model intended to allow preparation of a recoverable contingent resource report later this year.

Joint Oil, which holds Libya's interests in the block, is considered a sanctioned entity under the UN sanctions measures adopted by the UN Security Council on Feb. 26, 2011. As a result Sonde is unable to perform under the EPSA until sanctions are lifted and has declared force majeure to Joint Oil.



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