The Cosmos block is located in the Gulf of Hammamet, around 60 kilometres east of the town of Hammamet and 30 kilometres east of the Maamoura field. The block is operated by Medco Energi which has an 80% interest in the project. Medco Energi acquired previous operator Chinook Energy's entire Tunisian portfolio following its divestment from the country in 2014. A development proposal for the Cosmos Sud field has been approved by the Tunisian Government. The plan involves two producers and one injector well with a subsea tie-back to an FPSO vessel. First oil was initially anticipated in mid-2011, but was delayed due to protracted negotiations between ETAP and the operator regarding recovering past costs. We have assumed a standalone development of Cosmos Sud, with first production beginning in 2020. Small reserves make the project sensitive to production and the oil price.