Carnarvon Hibiscus signs rig-share for offshore Australia prospect

Kuala Lumpur: Carnarvon Hibiscus has signed a rig-share agreement with Origin Energy Resources for the drilling of an exploration well located in VIC/P57, offshore Australia.

Origin intends to drill two wells before handing over the rig to Carnarvon Hibiscus, a subsidiary of Malaysia-listed Hibiscus Petroleum.

After the handover, Carnarvon Hibiscus will assume the services of the Seadrill West Telesto drilling rig, an independent leg cantilever jack-up rig, to spud and drill the Sea Lion exploration well.

Drilling will commence in the second quarter 2015, and is estimated to take up to 30 days.

“After months of planning, we are excited to get our drilling program in VIC/P57 underway. If successful, Sea Lion would be developed as a tie-back to West Seahorse, fully utilising the planned West Seahorse facilities and providing a cost effective solution for the development of Sea Lion,” Dr Kenneth Pereira, Managing Director of Hibiscus Petroleum said in a statement.

The Sea Lion exploration prospect has estimated prospective resources of about 11m bbl.

The agreement also provides Carnarvon Hibiscus with an option to drill the two West Seahorse development wells immediately after Sea Lion. [29/10/14]

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