Hibiscus Petroleum Berhad is closing to spudding its Sea Lion-1 exploration well, offshore Victoria, Australia, following several delays.
The company on Friday said that its subsidiary, Carnarvon Hibiscus Pty Ltd (CHPL) would take over the West Telesto drilling rig soon, as the rig was demobilized from its previous assignment.
The spud date for the CHPL operated Sea Lion-1 exploration well is expected by October 25, 2015. The overall Sea Lion exploration drilling program is expected to take up to 30 days.
To remind, the company had originally planned to spud the well in June 2015.
The Sea Lion prospect is located 6km from the West Seahorse field.
In the event of a commercial discovery at Sea Lion, there is a possibility of an integrated development with West Seahorse field, which would reduces development and operating expenditure, Hibiscus has explained.
“The estimated prospective unrisked recoverable resources is between 8 and 15 million barrels of oil, with a good probability of success,” Hibiscus said.