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SeaWolf
Signs Contract to Drill on Sfax Offshore Tunisia
05-19-2008
Eurogas Corporation
announces the initiation of a drilling program for the Sfax permit offshore
Tunisia. A drilling contract has been signed with SeaWolf Oil Services Ltd. to
drill two firm wells and two optional wells starting with the Ras El Besh
prospect. The Delta Queen, a cantilevered jack up drilling rig, will be
mobilized from Malta in late May and is expected to be on the Ras El Besh
location to commence drilling operations in June 2008.
The first well to be drilled will be REB #3 to evaluate the prospective El Garia
formation at a depth of 1800 meters. A second Ras El Besh well is planned
immediately following. After the completion of the two Ras El Besh wells, the
partners plan to drill a well to appraise the nearby Jawhara oil prospect.
Both the Ras El Besh and Jawhara prospects have been drilled in the past by
previous operators and tested positively that oil was present in the formation.
The current planned drill holes are designed to position the penetration of the
prospective formations at levels determined to be potentially more productive
based on the information derived from the three dimensional seismic programs
that have since been carried out by Eurogas and its partner, APEX.
Under the recent farmout agreement with Delta Hydrocarbons (Delta), the costs of
the wells will be borne by Delta, as part of a larger commitment to earn a 50%
participation in the Sfax permit. After the total commitment has been fulfilled
by Delta, Eurogas will retain 22.5%, APEX 27.5% and Delta 50% participating
interest in the Sfax Offshore Permit.
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