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Tunisia: ADX Energy reports 63 percent increase in estimated contingent resources for the Dougga discovery offshore Tunisia

16 Jul 2018

Photo - see caption

Dougga Gas Discovery - Independent Evaluation Results

  • 405 Bscf Gas Note 1 and 31 MMbbl Condensate and 32 MMbbl LPG (totalling 122 MMBOE Note 3) Unrisked 2C Contingent Resources for the Dougga Discovery, and
  • 762 Bscf and 37.5 MMbbl Condensate (totalling 169 MMBOE Note 3) Unrisked Best Estimate Prospective Resources for the Dougga SW Prospect with 41% in Permit

ADX Energy has announced that an independent evaluation of the Dougga Gas Condensate discovery and potential extension of Dougga - the Dougga South West prospect (Dougga SW) offshore Tunisia has been completed by ERC Equipoise (ERCE) on behalf of ADX. ADX is the 100% equity holder and operator of the Kerkouane license. For Dougga, the evaluation report includes a review and evaluation of geological and geophysical data, reservoir engineering modelling data and recovery factors, Contingent Resources quantification, development concept maturity, facilities engineering review, project schedule, project flow assurance and the suitability of the planned appraisal well. For the adjacent Dougga SW undrilled prospect, the evaluation includes the review and evaluation of geological and geophysical data, Prospective Resources quantification and risking. The evaluation report by ERCE does not include other exploration potential within the Kerkouane license.

It is ADX’s intention to drill and test the Dougga Sud appraisal well during Q1 2019 utilising the Noble Globe Trotter II drilling rig and ADX are in discussion with a number of parties regarding the funding of the well. The report will be used by ADX in support of ongoing financing discussions for the Dougga Sud appraisal well as well as a potential compliance listing of ADX on the Alternative Investment Market ('AIM') of the London Stock Exchange (LSE)Note 2. ERCE is an international, independent consultancy specialising in geoscience evaluation, engineering and economic assessment.

Key Highlights of findings from the ERCE Evaluation Report are as follows;
Dougga Discovery Evaluation

  • Unrisked 2C Contingent Resources of 405 Bscf Gas Note 1 and 31 MMbbl Condensate and 32 MMbbl LPG (totalling 122 MMBOE Note 3) at Dougga, a 63% increase over the last independent review by TRACS in 2011.
  • The carbonate reservoirs are considered to be fractured; with resource recovery factors ranging from 63% to 79% being assumed.
  • The liquids content comprises approximately 50% of the oil equivalent volumes.
  • An unrisked 3C Contingent Resources upside potential of 227 MMBOE Note 3.
  • The key appraisal objectives of the Dougga Sud well are appropriate.
  • The development concept that has been selected with TechnipFMC and the level of design maturity, flow assurance and risk management adopted by ADX is considered appropriate for the appraisal phase of the project.
  • Current project uncertainties have been addressed by assuming conservative inputs to critical elements of the facilities design concept.
Photo - see caption

Dougga SW Prospect Evaluation (adjacent undrilled structure next to Dougga)

  • Unrisked Best Estimate Prospective Resources of 762 Bscf Gas and 37.5 MMbbl Condensate (totalling 169 MMBOE Note 3) at Dougga SW with 41% estimated within the Kerkouane Permit
  • Chance of success at Dougga SW of 30%.
  • Dougga and Dougga SW may form a single, connected structure (in the maximum case).

Note 1: Gas Net of Inerts (after deduction for removal of CO2 and gas shrinkage when liquids are removed)
Note 2: The work has been carried out using international resources and reserves reporting and classification standard adopted by the ASX and the LSE - the March 2007 SPE/WPC/AAPG/SPEE Petroleum Resources Management System (“PRMS”)
Note 3: ERCE has not reported volumes in MMBOE in its report; the MMBOE resources, and percentage variances, have been calculated by ADX using the oil equivalent conversion factors from the TRACS 2011 report.

Ian Tchacos, Executive Chairman of ADX, commented:

'The Board of ADX is pleased that ERCE has independently supported the detailed integrated subsurface, appraisal and development studies completed by ADX over the last 18 months with a view to progressing the commercialization of Dougga. While the resource estimates are lower than those of ADX they are significantly greater than the last independent review for Dougga which enhance the credibility of Dougga as a potentially significant resource which justifies ADX’s intended appraisal program. This independent evaluation supports ADX’s view that the Dougga gas condensate discovery is a potentially viable and important strategic resource with further upside potential identified at the relatively low risk Dougga SW prospect in a country that is supportive of hydrocarbon development and has a desperate requirement for gas, LPG and condensate.'

Click here for full announcement

Source: ADX Energy

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