The well is flowing from the Ordovician zone at a depth of 1422 meters. Currently the well is flowing about 230 barrels per day of 43 degree API at well head pressure of 100 psi with the water cut averaging 1%. The oil is currently being trucked to the La Skhira oil terminal on the coast of Tunisia.
The ongoing assessment plan at present comprises a 3D seismic survey and a minimum of one step out well. This plan together with the six month production test will be key to prepare a phased development plan for submission to the Tunisian authorities late in 2009. This light oil discovery has been separately evaluated by Paddock Lindstrom & Associates Ltd. to have in surplus of 170 Mmbbls STOOIP allocated to the overall structure. The discovery of light oil in a large structure at comparatively shallow depths on the eastern side of the 1.2 million acre block substantiates the occurrence of a mature source rock and effective hydrocarbon migration route increasing the possibility of success for several other prospects recognized on the block.
The TT2 well was drilled on a large Ordovician structure which has an aerial extent of about 70 square kilometers and a hydrocarbon column of about 57 gross meters. Madalena Ventures has earned a 15 % working interest in the TT2 test well and in about 600,000 acres on the Remada Sud permit and is permitted to take part as to a 15% working interest in all continuing drilling and operations on the earned acreage. The company also holds the option to drill a second earning well on the unearned lands by paying 30% of the well costs to earn a further 15% working interest in an additional 600,000 acres on the Remada Sud permit.
