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Sunday, September 27, 2015
Canadian overseas Petroleum Ltd. (COPL) one of the JV partners on Block LB-13 offshore Liberia issued an update on a possible spud timeline for it and ExxonMobil’s (operator) first well on the block. According to COPL it has received a work program and budget for 2016 from ExxonMobil. The work program includes the Mesurado-1 well which is expected to be spud in late-2016/early-2017 on under the terms of the second exploration phase.
COPL said the well is aimed at proving a commercial quantity of hydrocarbons in the Cretaceous Santonianage reservoirs. The well will also provide calibration for the seismic response which can be used to evaluate other leads on the block.
COPL and ExxonMobil’s drilling program was pushed back due to the Ebola in Liberia, which caused significant impacts to the LB-13 operational schedule in 2014 and 2015. Even with the recent second declaration of ‘Ebola Free’ status by the WHO, uncertainty continues to remain as to when the JV partners will be fully operational in Liberia.
The ‘State of Emergency’ agreement with NOCAL and the operator, announced in 2014, provides for additional time to complete the work program in the second exploration phase of the LB-13 PSC.
The exploration well is currently estimated to be drilled for a total cost of $120 million, which is the gross amount of the company’s 17% carried interest. Long lead items have been ordered and there is an on-going effort to secure a rig of opportunity. The exact timing of the well will be dependent on rig availability and when ExxonMobil can confirm 3rd party contractor’s capability to operate in Liberia.
Arthur Millholland, President and CEO said “This is a positive first step in proceeding with the drilling of the Mesurado-1 well, subject to overcoming the remaining logistical issues related to the need for participation from third party contractors. While the delay to the exploration program has been frustrating for COPL and its shareholders, we are pleased to now have a timetable to work towards exploring this highly prospective acreage.”
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