Mazarine Energy to acquire 90% stake in Tunisian Zaafrane licence

Oil and gas exploration and production company Mazarine Energy has agreed with Medex Petroleum to acquire a 90% participating interest in and operatorship of the onshore Tunisian Zaafrane licence.

According to Mazarine, the agreement involves a phased investment of $50m for the appraisal and development of the licence, which spans over 5,000km² in central Tunisia.

The Zaafrane licence has more than 100 million barrels of oil equivalent (mmboe) of net contingent resources through extensions of the neighbouring Sabria producing field into the licence and through a string of prospects within it.

Mazarine Energy has acquired 3D seismic data over the extensions of the Sabria and the two main prospects.

In the second half of 2014, the company plans to drill a first well following the completion of processing and interpretation of the 3D seismic data and the integration of existing 2D seismic lines.

In order to unlock the hydrocarbon potential of the area, Mazarine will also drill a sequence of intermitting exploration and development wells subsequently.

The acquisition is said to fit with Mazarine’s strategy to pursue conventional oil and gas opportunities with significant unconventional growth potential.

Medex will retain a 10% participating interest, under the agreement terms.

Mazarine Energy CEO Edward van Kersbergen said that this first international acquisition gives the company an operating platform in Tunisia.

"I am also pleased to have Medex Petroleum as a partner and look forward to partnering with ETAP in the future in the exploration, appraisal and development of this large, under-explored and under-developed area that has huge potential," Kersbergen added.

The company is reviewing additional opportunities in North and West Africa, Australia and Colombia and plans to announce a second, separate agreement in one of these regions in the first quarter of 2014.

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Image: From left to right: Medex managing director Achmed Bouchamaoui, Minister of Industry, Energy and Mines Kamel Ben Naceur, Mazarine Energy chairman Edward van Kersbergen and Dutch Ambassador Hans van Vloten Dissevelt. Photo courtesy of Mazarine Energy.