Hibiscus Petroleum has found indications of hydrocarbons at its Sea Lion prospect, offshore Australia.
According to 3D Oil Limited, a partner in the project, the Sea Lion-1 exploration well has intersected the target zones and has reached a total depth of 1672 metres.
The company says that current operation is pulling out of the hole prior to running a wireline formation evaluation programme. Indications of hydrocarbons were encountered in the target zones and these zones will be further assessed to determine whether there are any accumulations of commercial significance in Sea Lion-1, 3D Oil said.
The company emphasizes that at this stage Sea Lion-1 results remain subject to revision and confirmation by further analysis of new data from the ongoing evaluation programme which includes wireline logging and potentially sample recovery. The evaluation programme and analysis are scheduled to take several days to complete, said 3D Oil.
Sea Lion-1 is being drilled by the West Telesto jack up rig which arrived on site October 22, 2015 and started drilling on October 26, 2015. Sea Lion is located in offshore Gippsland Basin permit VIC/P57 where 3D Oil has a 24.9% interest in Vic/P57 while the company’s share of Sea Lion-1 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.