Hibiscus Progresses Plan for West Telesto to Drill Sea Lion Well in VIC/P57
Malaysia's Hibiscus Petroleum Berhad reported Wednesday that its wholly-owned entity, Carnarvon Hibiscus Pty Ltd (CHPL), has progressed the plan to commence the drilling operations of an exploration well located in VIC/P57 offshore Australia in June.
CHPL had, in October 2014, signed a rig share agreement with Origin Energy Resources Ltd (Origin Energy), whereby CHPL will assume the services of Seadrill’s West Telesto (400' ILC), an independent leg cantilever jackup, to spud and drill the Sea Lion exploration well after Origin’s drilling activities. The drilling of the Sea Lion exploration well is estimated to take up to 30 days.
In mid-January, the West Telesto jackup arrived at Port Philip Bay in Melbourne on a Heavy Lift Vessel (HLV) and has since been offloaded and towed to Western Port Bay. West Telesto will shortly be towed to the Yolla field to commence Origin Energy’s planned well program.
Commenting on the West Telesto’s arrival, Dr. Kenneth Pereira, managing director of Hibiscus Petroleum said, “We are excited to see the rig’s arrival in Australia as this is a big step towards the start of our second exploration drilling campaign as an independent E&P company in an operator’s role. Other than the Sea Lion drilling activities, we are also looking forward towards drilling in Norway where our jointly controlled entity, Lime Petroleum Norway AS expects to drill 3 exploration wells this year, as non-operator.”
The Sea Lion exploration prospect has been selected for drilling after in-depth technical and economic evaluation, with estimated prospective resources of between 11 million barrels on a P50 case to 15.3 million barrels on an upside P10 case. A commercial discovery at Sea Lion would improve the economics of CHPL’s West Seahorse development where a tie-in of the 2 fields would be possible.
CHPL currently holds a 55.1 percent participating interest in VIC/P57 whilst HiRex (Australia) Pty Ltd (41 percent effective interest held by Hibiscus Petroleum) has a 20 percent interest in VIC/P57. The remaining 24.9 percent is held by 3D Oil Limited (3D Oil).
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