Onshore / Exploration
Echo Energy Plc (formerly Independent Resources), the UK-based, London listed company, has commissioned Envoi in its search for a new partner to join in its 2,252 km2 , 100% owned and operated Ksar Hadada exploration permit, in the Ghadames Basin, onshore Tunisia.
The block contains the proven Ghadames Lower Palaeozoic system, whose prolific Silurian source has provided in excess of 90% of the discovered hydrocarbons (30+ billion barrels of oil equivalent) of the vast basin, which occupies areas of Tunisia, Libya and Algeria.
Exploration of the Ksar Hadada area began in the late 1950s and since then 1,800 km of 2D seismic data of various vintages have been acquired and nine wells have been drilled on the block. All but one of the wells confirms the presence of Silurian-sourced mature oil in the block. There is good fault controlled structuring with fault throws of 200+ m dating mainly from the Late Carboniferous Hercynian event with later adjustment by the Early Cretaceous Austrian transpression. Oil migration postdates this and oil and gas have been recorded in Ordovician, Silurian and Permian sandstones. Three wells confirm the presence of a significant oil accumulation (Sidi Toui) in the Upper Ordovician reservoir with unrisked STOIIP of 425 mmbo and recoverable reserves of 64 mmbo (CPR report March 2014). A similar undrilled Silurian Acasus prospect sits adjacent to this accumulation, with work completed since the CPR identify several other large Acacus prospects. In addition, some 750 MMboe resources are now attributed to the Silurian unconventional upside potential identified in the Permit.
Echo Energy is seeking a partner to participate in the next phase of exploration and appraisal, which carries a commitment to acquire 200 km2 3D seismic data, horizontal sidetrack and test a Sidi Toui discovery and drill an exploration well in the adjacent prospect, at an estimated cost of US$ 15 million.