1997/2000

ARCO succeeds ELF AQUITAINE

• September 19, 1997 , Elf Aquitaine sold its interests in Tunisia ARCO,
• ARCO proposes to CD # 81 22-12-97 to deepen his office the next wells drill on Ashtart until Bireno to seeking a potential resource CO2,

• By letter of 15 June 1998 Arco presents DGE , ETAP and SEREPT a preliminary development plan Ashtart associated to new contractual terms including:
  • peripheral expansion and injection of water on the north side
  • Restructuring SEREPT ( from 120 to 450 agents ) , and transfer of administrative services , accounting and Finance in Tunis Sfax

• September 19, 1997 , Elf Aquitaine sold its interests in Tunisia ARCO
• Sale 1999 direct interest in ARCO Douleb - Semmama - Tamesmida by the sale of its subsidiary HTC PA Resources
• Study of tertiary recovery by CO2 injection , results not encouraging given the price of crude