Developing Tunisia's
Energy Potential

The Cosmos discovery is located approximately 45 km offshore northeastern Tunisia in the Gulf of Hammamet, as part of the Cosmos Concession covering an area of 440 km2. The Cosmos Concession is operated by ATOG with 80% working interest along with ETAP which owns 20% working interest.

The Cosmos Concession contains several separate fault blocks, the largest of these being the Cosmos South fault block. The Cosmos South Field is productive from the Birsa Formation Miocene sands at a depth between 1200 and 1600 m TVDSS. The water depth is in the range of 120 m. The Cosmos South Field was discovered by SEREPT in 1983 with the Cosmos South-1 well. The major fault block was further delineated with the drilling of the Cosmos South-2 well in 1984. The feasibility for development of the Cosmos South Field has been investigated by numerous operators over the past thirty years, but it is yet to be developed. Reinterpretation of all available data, combined with supportive oil prices has led ATOG to secure ETAP and government approval for the development of the Cosmos South Field.

The approved development plan, constructed jointly with ETAP's technical team, estimates Base Case recoverable volumes estimated at approximately 11.7 MMstb of oil and 19.7 Bscf of gas (free and associated gas). 12,000 to 15,000 barrels of initial liquid production rate per day are anticipated from the Cosmos South Field, in addition to 16 to 18 MMscf of gas production per day. ATOG plans to develop the Cosmos South Field through the drilling of three wells, two producing wells and a water injection well. The field will be developed using the Zembra Mobile Offshore Drilling Unit (MODU) jack-up rig, capable of working in 400 feet of water depth. Once the three development wells are completed, the MODU will be converted in-situ to a Mobile Offshore Production Unit (MOPU). The produced fluid will be sent to the Djerba Floating Production and Storage Offshore (FPSO) tanker moored approximately 1 km from the MOPU. The FPSO has capacity to process up to 60,000 barrels of liquid production per day. The oil will be stored on the FPSO prior to being directly exported for sale. The gas will be sent back to the MOPU then onto the existing Maamoura platform through a new 28 km 8" export pipeline for gas offtake to the Tazerka gas plant.

ATOG will commence the development of the Cosmos South field in Q2 2026 with first oil and gas production anticipated in Q1 2027.

The Bir Ben Tartar ("BBT") production concession is a 350 sqkm licence operated by ATOG under a Production Sharing Contract with ETAP and is located in the prolific onshore Ghadames basin in the south of Tunisia adjacent to the border with Libya. The concession was awarded to ATOG in 2009 and has produced approximately 6 MMstb of oil from 21 wells, peaking at almost 6,000 bopd in 2011 and currently producing c.500 bopd.

ATOG is planning to execute a multi-well drilling programme, anticipated to commence in H2 2026 subject to ETAP’s approval, that is estimated to boost production to 2,000 bopd.

ATOG acquired its 49% operated interests in the Maamoura and Baraka licences from ENI Tunisia in 2025. The Maamoura licence contains the Maamoura field located in the Gulf of Hammamet in approximately 50 meters water depth and 18 kms from the shore. The field was discovered in 1987 and was developed by ENI in 2009. The field contains an unmanned platform linked via a 10" pipeline to an onshore oil and gas processing facility, Tazerka, which is located adjacent to the town of Nabeul. The Baraka licence contains the Baraka field also located in the Gulf of Hammamet in 90 meters water, approximately 53 kms from shore. Baraka also contains an unmanned platform linked via a 12" pipeline to the Tazerka facility. ATOG is partnered on both licences with ETAP, which holds the remaining 51%.

Maamoura and Baraka have produced approximately 11 MMstb of oil and 40 Bscf of gas since development commenced in 2009, however production is currently shut in on both licences. ATOG executed an agreement with ENI to acquire ENI's operated interests in the Maamoura and Baraka licences (including the Tazerka facility) in January 2025 and the transaction was approved by the Tunisian authorities in H2 2025. ATOG's primary rationale for acquiring the Maamoura and Baraka licences was to utilise the Maamoura platform and pipeline to the Tazerka facility to commercialize gas production from the Cosmos South field.

The Maamoura field contains a proven but, as yet undeveloped, fractured carbonate reservoir (the "Abiod") that ATOG intends to develop via the drilling of a sidetrack well out of the existing Maamoura E2 well. The Abiod was discovered by the MMR1 well in 1987 and appraised by the MMRE-1 well drilled in 1988, which flowed at a rate of 3,500 bopd and 20 MMcfd under DST. Subject to ETAP's approval, ATOG intends to drill the Abiod well in H2 2026, with gross production of over 6,000 boepd (barrels of oil equivalent production), which will be delivered from the Maamoura platform via pipeline and processed at the Tazerka facility.