West Telesto to Spud Sea Lion-1 Prospect in Gippsland Basin Next Week

3D Oil Limited announced Monday that the Sea Lion-1 exploration well in the Gippsland Basin, offshore Australia is expected to spud late next week with the West Telesto (400' ILC) jackup now mobilized from its previous assignment.

3D Oil has a 24.9 percent interest in the Vic/P57 exploration permit, in which the well is located, while the company’s share of well costs is being carried up to the extent of $7.5 million as part of an agreement with joint venture operator Carnarvon Hibiscus Pty Ltd (CHPL) the wholly owned subsidiary of Hibiscus Petroleum.

The planned Total Depth of the well is programmed for 5,906 feet (1,800 meters) and scheduled to take approximately 3 weeks.

Sea Lion is considered highly prospective as it is on a proven oil-producing trend, and represents one of the last undrilled 4-way dip closures at the prolific 'Top Latrobe' level in the Gippsland Basin. The combination of prominent mapped depth structure and the likely presence of thick high quality reservoir sands overlain by the regional seal provides the ingredients of a high quality target.

An independent report has assessed the Sea Lion most likely (P50) Prospective Resource at 11.0 million barrels of oil (combined probabilistic estimate for the three main target levels).


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