Norwegian upstream operator DNO International has completed the farm-in by its wholly-owned subsidiary DNO Tunisia to the Sfax Offshore Exploration Permit and the Ras El Besh Concession in the Gulf of Gabes in the Republic of Tunisia, following an agreement with the Barbados-based Eurogas International Inc., and the Houston-based Atlas Petroleum Exploration Worldwide.

 DNO Tunisia now holds an 87.5 per cent participating, and 100 per cent paying, interest in the permit and the concession, and has assumed operatorship and a significant share of the existing cost pool. The Sfax Offshore Exploration Permit and the Ras El Besh Concession cover 3,296 square kilometres, mostly offshore in shallow waters.

 To date, three discoveries have been made at the two facilities with combined gross recoverable resources ranging between 35 million to 60 million barrels of oil. DNO says these assets hold significant exploration potential with 29 identified prospects, which in the aggregate are estimated to contain between 500 million to 700 million barrels of oil of gross unrisked resources.

 ”Having finalised the transaction and received government approvals we will proceed now with a fast-track exploration and development programme designed to materially expand our footprint in Tunisia,” says Bijan Mossavar-Rahmani, DNO International’s Executive Chairman.

DNO also holds interests in the offshore Hammamet Exploration Permit and the Fkirine Prospecting Permit in Tunisia.