Project Profile
Location: Mahdia exploration licence, offshore Tunisia
Unrisked resources: 125 million barrels of oil
Start-up Year: -
The El Medouini prospect is located within the Mahdia exploration licence offshore Tunisia. In compliance with the Licence work agreement, an exploration well had to be drilled by July 19, 2014. The license partners have acquired extensive seismic data which helped to establish drilling locations. El Medouini has been estimated to hold 125 MMbbls of unrisked oil resources. Circle Oil reached an agreement with Tethys Oil whereby Circle Oil paid US$3 million for Tethys\' 30% share in the Mahdia exploration license offshore Tunisia. Terms specify that the compensation is payable in two separate tranches.
After Circle Oil Plc.\'s bankruptcy in December 2016, the prospect is under the new management of Circle Oil Tunisia Ltd (COTL), a former wholly owned subsidiary of the parent company.
Operators:
Circle Oil Tunisia Ltd (COTL): Operator with 100% interest
Contractors:
PetroSaudi International: Drilling of the well EMD-1 using the drillship PetroSaudi Discoverer