DNO International completes Tunisian acquisition

1/21/2014

DNO International completes Tunisian acquisition

OSLO -- DNO International, announced the completion of the farm-in by its wholly-owned subsidiary DNO Tunisia to the Sfax Offshore Exploration Permit and the Ras El Besh Concession in the Republic of Tunisia, pursuant to the previously announced agreement with Eurogas International and Atlas Petroleum Exploration Worldwide.

DNO Tunisia now holds an 87.5% participating (100% paying) interest in the permit and the concession, in respect of which it has assumed operatorship and a significant share of the existing cost pool.

The Sfax Offshore Exploration Permit and the Ras El Besh Concession are located in the prolific Gulf of Gabes and cover 3,296 sq km, mostly offshore in shallow waters. To date, three discoveries have been made with combined gross recoverable resources ranging between 35 to 60 MMbbls of oil. These assets hold significant exploration potential with 29 identified prospects which in the aggregate are estimated to contain between 500 to 700 MMbbls of oil of gross unrisked resources.

"Having finalised the transaction and received government approvals we will now proceed with a fast track exploration and development program designed to materially expand our footprint in Tunisia," said Bijan Mossavar-Rahmani, DNO International's Executive Chairman.

The company also holds interests in the Hammamet Exploration Permit and the Fkirine Prospecting Permit, both offshore Tunisia.

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