The Operator, Apache, has advised that the Laurel-1 well which was drilled by Apache on a sole risk (100%) basis has reached Total Depth. The well did not encounter commercially significant hydrocarbons in the exploration objective, and the well has now been plugged and abandoned as planned.
Pan Pacific Petroleum (PPP) is a participant in the TL/2 permit in the offshore Carnarvon Basin, Western Australia. Apache, the Operator of TL/2, recently proposed the Barberry-1 exploration well for drilling. As in the case of Bath-1, and Laurel-1, PPP evaluated the Barberry-1 opportunity and determined that it did not meet PPP's risk/reward criteria and hence PPP elected not to participate.
Apache has advised that the Ocean Shield drilling rig is now on location, and drilling of Barberry-1, which will also be drilled by Apache on a sole risk (100%) basis, has commenced.
Under the TL/2 Joint Operating Agreement, non-participating joint venture partners retain the right to participate in a successful discovery subject to back-in penalties. As PPP is not participating in Barberry-1, PPP will not be releasing regular drilling reports regarding this well.
Participants in TL/2 are:
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