MALAYSIA’s Hibiscus Petroleum is set to start drilling off Victoria’s Bass Strait in June 2015, following a drilling campaign led by Origin Energy.
Carnarvon Hibiscus, a wholly-owned subsidiary of Hibiscus, is set to use the Seadrill West Telesto rig to drill an exploration well known as Sea Lion in VIC/P57, in the Otway basin, later this year.
The company had signed an agreement with Origin to use the independent leg cantilever jack-up rig to spud and drill the well at the completion of Origin’s drilling activities at its Yol la field.
The rig arrived at Melbourne’s Port Philip Bay in mid-January, with Hibiscus Petroleum managing director Kenneth Pereira saying the arrival was a big step towards the start of its next drilling campaign.
The drilling of the Sea Lion exploration well is estimated to take up to 30 days, with estimated prospective resources of between 11 million barrels on a P50 case to 15.3 million barrels on an upside P10 case.
A commercial discovery at Sea Lion would significantly improve the economics of Carnarvon Hibiscus’s West Seahorse development, where a tie-in of the two fields would be possible.
Carnarvon Hibiscus holds a 55.1 per cent participating interest in VIC/P57 while Hirex Petroleum (also part owned by Hibiscus) has a 20% interest in VIC/P57. The remaining 24.9% is held by 3D Oil.