3D Oil Says Wardie Prospect Similar in Size to West Seahorse
New work to define the feature has shown that while some uncertainty still exists about the potential oil volumes, which can be attributed to Wardie, the prospect is seen to be comparable in size to the West Seahorse field. As a result 3D Oil, as previously announced, has chosen to drill a well on the Wardie prospect ahead of an earlier planned well on the Sea Lion prospect, located 7 km west-north-west of West Seahorse.
The Wardie prospect's potential hydrocarbon volumes are categorized as undiscovered resources unlike those in the West Seahorse complex, which is a combination of proven reserves, and contingent resources. While Wardie has lower associated risk then the Sea Lion prospect there is still considerable associated risk but its proximity to West Seahorse, makes it more economically viable in the event of a discovery. If commercial volumes of oil were present in Wardie it is feasible the field could be linked, for production purposes, to the proposed West Seahorse development.
Planning for the drilling the West Seahorse 3 appraisal well and the Wardie 1 wildcat exploration well is continuing based around the preferred option of drilling both wells from the same surface location. Deviated wells would then be drilled into each feature.
3D Oil plans to drill West Seahorse 3 and Wardie 1 starting late in the first quarter next year following the completion of a drilling program by Apache Oil. The newly constructed drilling rig, West Triton, which will be modified to allow the drilling of deviated wells, will be used for the two well program.
3D Oil joined the Australian Stock Exchange in April, 2007 after a $44 million Initial Public Offering to fund the development of its Bass Strait oil fields. The company issued 110 million shares, partly paid to 25c a share with a further 15c per share payable on December 6, 2007.
3D acquired a 100% interest in the Gippsland basin permit Vic/P57 in April, 2004, which contains the West Seahorse oil field as well as significant oil exploration opportunities.
3D plans to drill an appraisal well at West Seahorse in early 2008, immediately followed by a well on the Wardie prospect.
Oil production from West Seahorse could start as early as 2010. The company has also acquired a 100% interest in the lightly explored Bass basin permit T41-P.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea