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Dragon Oil and Enel awarded two Algeria onshore exploration blocks

01st October 2014

Dragon Oil, in partnership with Enel, has been awarded two exploration blocks (perimeters in Algeria, Tinrhert Nord Perimeter and Msari Akabli Perimeter

Dragon Oil and Enel awarded two Algeria onshore exploration blocks
The commitment during the exploration period includes acquisition and interpretation of 3D seismic data and drilling three wells

"I am pleased to report that Dragon Oil in partnership with Enel, a major European company, has been successful in bidding for two exploration blocks in the 4th bid round in Algeria,” said Abdul Jaleel Al Khalifa, Dragon Oil CEO. “This achievement represents a strategic move for Dragon Oil to establish a footprint in another North African country known to be rich in hydrocarbon resources and opportunities. We look forward to working closely with the host government and our partner Enel in Algeria."

The Tinrhert Nord Perimeter in which Dragon Oil will hold a 70 per cent participating interest and be the operator with Enel holding the remaining 30 per cent is in the Illizi Basin in Eastern Algeria and near a number of producing oil and gas fields. The total area of the perimeter is 2,907 square kilometres. A number of undeveloped discoveries have been previously identified on the perimeter. The commitment during the exploration period includes acquisition and interpretation of 2D seismic data and drilling four wells.

The Msari Akabli Perimeter in which Dragon Oil will hold a 30 per cent participating interest with Enel holding the remaining 70 per cent and serving as the operator is in the Ahnet Basin in South-western Algeria. The total area of the perimeter is 8,096 square kilometres.

A number of undeveloped discoveries have been previously identified on the perimeter. The commitment during the exploration period includes acquisition and interpretation of 3D seismic data and drilling three wells.

Dragon Oil and Enel jointly participated in the 4th Bid Round to Award Hydrocarbons Exploration and Exploitation Contracts conducted by l'Agence Nationale pour la Valorisation des Ressources en Hydrocarbures of Algeria and bid on the scope and value of the work programme. The contract for the exploration and exploitation of hydrocarbons is expected to be signed in approximately one month.

 

 

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