West Telesto to Spud Sea Lion-1 Prospect in Gippsland Basin in Late August

Junior exploration firm 3D Oil Ltd. (TDO) reported Wednesday that the Sea Lion-1 exploration well in permit VIC/P57 in the Gippsland Basin, offshore Australia is now expected to spud late August.

The West Telesto (400' ILC) jackup has been contracted by VIC/P57 joint venture, with Carnarvon Hibiscus Pty Ltd. (CHPL) as operator, to drill Sea Lion. The rig is currently in Bass Strait but has not yet been released from its current assignment for another operator. The timing of that release and subsequent handover of the West Telesto for the Sea Lion-1 drilling is weather dependent.

Sea Lion-1 is located offshore Gippsland Basin permit VIC/P57 where TDP has a 24.9 percent interest. However, TDO's share of the Sea Lion-1 well costs is being carried up to the extent of $7.5 million as part of an agreement with CHPL.


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