Canadian Overseas Petroleum Ltd. (COPL) announced that operations at its Esperanza prospect located in Block 22/15 of the UK central North Sea have been initiated. The Ocean Nomad semisub is on location and currently waiting for weather to pass for the commencement of drilling operations.
The Esperanza 22/15-D well is the first well drilled by the Company under its UK North Sea Joint Venture with BG Group (BG). COPL has an agreement whereby the Company will acquire a right to purchase a 50% equity interest in the entire block, including the Banks
With the 22/15-D well COPL is targeting light oil in the Paleocene Forties sand. The well is located on a strong, far-offset amplitude (AVO) anomaly at the northwest end of an 11 km long turbidite channel AVO anomaly that includes the Banks discovery to the southeast. BG
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