Cooper Energy, an Australian oil and gas exploration and production company, has agreed terms with the Tunisian Government authority to exit operations offshore Tunisia.
The company, which plans to withdraw from Tunisia entirely, stated on Thursday that it exited the Nabeul permit after agreeing to pay compensation of $3.2 million (COE share $2.7 million) to fulfil its remaining permit obligations that previously included drilling a well.
The Nabeul permit is located in the Gulf of Hammamet offshore Tunisia with Cooper Energy being the operator with an 85 percent interest prior to the company abandoning the project. It covers over 3300 square kilometers while the permits expiry date was January 23 2021.
The company said $2.7 million share of this compensation had been previously fully provided for through a provision in its financial statements at December 31, 2015.
Cooper energy still has a stake in the Hammamet Gulf, a 30% stake in Bargou and the under-dispute 35% stake in the Hammamet permit.