Malaysia-based Hibiscus Petroleum Berhad’s wholly-owned subsidiary, Carnarvon Hibiscus Pty Ltd (CHPL) provided Monday an update on its Sea Lion-1 exploration well in the Gippsland Basin, offshore Australia. As previously announced, CHPL accepted the West Telesto (400' ILC) jackup Oct. 20 and commenced drilling operations Oct. 26.
The 30 day drilling program is progressing safely and has now reached the total planned depth of the well in the early hours of Monday Nov. 9. All target formations have been reached. From data obtained through real time logging while drilling through the target formations, some zones of technical interests were identified and CHPL as operator of the VIC P57 block, will now commence limited formation evaluation tests on these zones.
The formation evaluation testing will be performed by open-hole wireline logs, specifically using a combination of Modular formation Dynamics Tester (MDT) and Combinable Magnetic Resonance (CMR) tools. These are important tests that will be used to assess the presence or absence of moveable hydrocarbons. Testing will begin immediately and results from these tests are expected by end of this week.
It is clearly stated that the results of these tests are required to determine whether the zones of technical interest have sufficient accumulation of hydrocarbons to be of commercial significance. Such information will be provided after the conduct of the current testing being done.
The Sea Lion prospect is located offshore northwest of the Gippsland Basin (permit VIC/P57) where CHPL holds a 75.1 percent interest and is approximately 3.7 miles (6 kilometers) from the West Seahorse field (permit VIC/L31) where CHPL holds a 100 percent interest.
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