Even though early results indicated potential , Malaysian Hibiscus Petroleum, an independent oil and gas exploration and production company, has found no commercial hydrocarbons in its Sea Lion prospect, offshore Australia.
According to 3D Oil Limited, a partner in the project, wireline evaluation and sampling of formation fluids over zones of interest identified on preliminary Sea Lion -1 data have been completed.
This work has confirmed that no zones of commercial hydrocarbons were encountered in the Sea Lion-1 well, 3D Oil said.
The company adds that current operation is running out of the hole with logging tools. Forward operations are to plug and abandon the Sea Lion -1 well and to de-mobilise the West Telesto drilling rig from the site, said 3D Oil.
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.