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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area

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To: Crossy who wrote (34165)	11/12/2009 10:37:51 AM
From: Dale Baker	Read Replies (1) of 37387

Added to my COE.AX position today based on this development in their Tunisian venture. They have a ton of cash, solid operations in Oz and now this, where they are the 100% operator: Cooper Energy Provides Tunisia Field Appraisal Update 12 November 2009 Following conclusion of the conceptual field development plan for the Hammamet West oil field in the Gulf of Hammamet, Tunisia, Cooper Energy announces: • Field estimated to contain over 200 million barrels oil in place (P50). • Contingent resources of 49 million barrels of oil (P50). • Plans are underway to acquire 175 km2 of 3D seismic to enhance the structural and reservoir definition. • Horizontal appraisal well required to test Abiod carbonate productivity. The Hammamet West Oil Field was discovered in 1967 by the Hammamet West-1 exploration well, which discovered 7 metres of oil on rock in the Birsa sandstone formation. In 1990 the Hammamet West-2 appraisal well discovered a further 192 metres of oil in the deeper Abiod carbonate formation. The Abiod was production tested and 33° API oil was recovered but the reservoir was deemed to be tight. A review of the well test has indicated that the Abiod was tested by cementing in the production casing, which is not considered to be prudent production practice for a reservoir that depends on natural fractures for productivity. Evaluation of the Hammamet West-2 core and image logs demonstrate that natural fractures do exist in the Abiod and a well drilled with the appropriate drilling technology may produce at economic rates. The Hammamet West Oil Field lies wholly within the Bargou Exploration Permit, Gulf of Hammamet, Tunisia, which Cooper Energy was awarded in 2005. Cooper Energy is the 100% owner and operator of the permit.

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