Cooper Energy has announced that it has signed an agreement with the Government of Tunisia to withdraw from the Nabeul permit, offshore Tunisia.

According to the Australian Oil and Gas Exploration and Production Company, an agreement has been made with the government to exit the permit after paying a compensation of $3.2 million to accomplish its outstanding commitment which includes the drilling of a well.

Located in the Gulf of Hammamet offshore Tunisia, the Nabeul permit is operated by Cooper Energy with 85% interest before withdrawing from the project. This permit encompasses an area of more than 3300km².

Exploration programmes on the permit is scheduled to expire on January 23, 2021 and the company has said that $2.7 million out of the compensation had been formerly taken care of via a provision in its financial statements on December 31, 2015.

Cooper energy still holds a stake in the Hammamet Gulf, a 30% stake in Bargou and 35% stake in the Hammamet permit, Energy-pedia reports.

Anita Fatunji