Poros SAS has received a positive answer from the CCH (Consultative Committee for Hydrocarbons) in Tunisia in response to its applications for the granting of two exploration blocks in Tunisia. These two blocks, named Telemzane and Kasserine are located in the western part of southern and central Tunisia respectively. Poros SAS will enter the negotiations phase with the Department of Energy of Tunisia and ETAP to finalise the agreements in order to start work on these two blocs. The first phase will last two years during which, Poros SAS will conduct exploration work including new seismic acquisition and interpretation of the acquired data. Decisions for drilling will be taken at the end of this period.
A non-exclusive geological / geophysical investigation of the Ksar Ghilane block (South Tunisia) was awarded to Georex (Poros) by the Tunisian Consultative Committee on Hydrocarbons (CCH) on March 14, 2007. An agreement of Authorization for Prospection was signed with the Tunisian National Petroleum Company ETAP on April 26, 2007. Data were reconstructed and reformatted using proprietary hardware and software facilities. Seismic and log interpretation is actually in process in house. Seismic interpretation covers more than 3 000 km of 2D seismic from several seismic sets. The preliminary results will be reviewed by a joint committee between Poros and ETAP in 2008.
The Board of Directors of the group validated on February 22, 2007 the participation of Georex's 5% in the Maracas gas production project in Columbia and decided, on the May 3, 2007, to propose to Texican Oil Plc, operator of the permit, to increase its participation to 20% and cover all incurred expenses at the new rate. Production from the Maracas field should start in 2008 with Texican Oil Plc. operator and partner Poros SAS. This involvement will require solid financial capacities for Poros.
In France, Poros SAS investigates opportunities for future involvement.
