The El Bibane field is located approximately 18 kilometres offshore Tunisia in the Gulf of Gabes.
Production from El Bibane commenced in 1998, with cumulative gross oil production of approximately 3.9 million barrels to date. Estimated net remaining Proven + Probable reserves to Candax are 1.95 MMBbls and 6.99 Bcf of gas.*
The single producing well, EBB-3, was shut-in throughout 2006 and 2007 as a result of successive delays to the re-development of the field which included two new wells, EBB-4 and EBB-5. In March 2008, production commenced from EBB-4 and in July, production was also brought on from the recompletion of EBB-3. The full oil rate potential of the two horizontal wells, EBB-3 and EBB-4, was not being achieved due to water production from geologic fractures in EBB-4 and poor cementation behind casing in EBB-3. Remedial intervention to increase production from these wells was undertaken in late August and early September 2009 without success and a further rig-less remediation attempt was undertaken on EBB-3 in March / April 2010 to fix the tubing string. A rig-based work-over was undertaken on EBB-3 in July 2010. The operation was successful in removing the majority of the broken tubing, a new production string was installed and the well was put back on production in September 2010 using gas-lift from EBB-5. The well is currently approximately 100 bopd (74 bopd net to Candax), with a 95% water-cut, production that is comparable to the overall volume of liquids that the well was producing prior to the well's tubing failure in 2009.
A full field simulation study to determine what workovers, sidetracks or new wells are required was undertaken by BEICIP-Franlab, a French reservoir engineering firm. The study was completed at the beginning of July and has confirmed previously indicated recoverable volumes of between 2 and 3 million barrels. Candax is now reviewing the best alternatives to produce these remaining volumes. In parallel, Candax has engaged a contractor to reinterpret the existing 2D seismic to further enhance its understanding of the El Bibane field. It is likely that a workover of the existing producing well and a new well or side-track will be undertaken in 2012.
Although the mechanical problems identified in both the EBB-3 and EBB-4 wells are significantly affecting the Company's oil production in the short term, Ryder Scott has not changed their estimate of the remaining reserves in El Bibane.
* Ryder Scott Report 31/12/10