COPL still looking at Mesurado results. Raising cash for Nigeria drilling

Canadian Overseas Petroleum Limited (COPL) is not giving up on the Mesurado-1 well offshore Liberia. To remind, the well, drilled by COPL’s partner ExxonMobil, was declared dry in December 2016.

COPL on Friday said it continued to interpret the data collected from the Mesurado-1 well. The well is located about 80 kilometers offshore Liberia on Block LB-13, in approximately 2500 meters of water.

As reported in December, the well, targeting oil in a sequence of Late Cretaceous Santonian aged sands, intersected 145 meters (475 feet) of net sand of which 118 meters (387 feet) was deemed to be reservoir quality. No hydrocarbons were indicated by the logging while drilling operations performed across the targeted intervals.

At the time, the company said the lack of hydrocarbons at the location where its seismic data presented attributes indicative of hydrocarbons “will cause us to do additional work on the 3D seismic over the Block, and reevaluate the other leads we have mapped on LB-13.”

Arthur Millholland, President & CEO, said on Friday: “Whilst we were disappointed with the initial drill results from the Mesurado-1 well, we have been continuing to re-interpret our 2,500 sq. kilometer LB-13 3D seismic data set by incorporating the drilling results into a new seismic interpretation. This involves a reappraisal of the seismic attributes previously interpreted to be possibly associated with hydrocarbons. Specifically the company is evaluating whether the false hydrocarbon seismic response at Mesurado-1 is a local or a regional phenomenon. This evaluation is not one which can be accomplished in a short time, but should be completed late Q2 to early Q3 2017.”

Raising funds for Nigeria drilling

Meanwhile, through COPL’s partnership with Shoreline Energy, the company said it continued to source funds for the first drill at OPL 226, offshore Nigeria.

COPL has engaged COFARCO SAS of Paris France and Zeus Capital of London United Kingdom to source the required funds. COPL said it remained confident that it will meet the target drilling of an appraisal well in late 2017.

Millholland said the company remained focused on developing an attractive oil appraisal in OPL 226, offshore Nigeria, “which is a highly prospective area in our opinion.”

“The two Investment Banks we have engaged are experienced in financing African energy ventures. We look forward to updating the market on the progress made at OPL 226 in the second and third quarters,” Millholland added.

Offshore Energy Today Staff

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