Sea Lion exploration well offshore Australia completed

Offshore staff

MELBOURNE, Australia – Joint venture partner 3D Oil reports that the Sea Lion-1 exploration well has intersected the target zones and has reached a total depth of 1,672 m (5,485 ft). The company also confirmed that indications of hydrocarbons were encountered in the target zones.

These zones will be further assessed to determine whether there are any accumulations of commercial significance in Sea Lion-1.

Sea Lion is located in the West Seahorse oil and gas field in the Gippsland basin exploration permit VIC/P57, offshore Victoria, Australia.

At this stage, 3D Oil emphasizes that Sea Lion-1 results remain subject to revision and confirmation by further analysis of new data from the ongoing evaluation program which includes wireline logging and potentially sample recovery. The evaluation program and analysis are scheduled to take several days to complete.

Sea Lion-1 is being drilled by the West Telesto jackup rig which arrived on site Oct. 22 and commenced drilling on Oct. 26. The company’s share of Sea Lion-1 well costs is being carried up to the extent of $7.5 million as part of an agreement with operator Carnarvon Hibiscus Pty Ltd., the wholly owned subsidiary of Hibiscus Petroleum.

3D Oil has a 24.9% interest in VIC/P57. It acquired the permit in April 2004 and renewed it in 2011. 3D Oil said that the Gippsland basin has a technical success rate better than 40 % and accounts for about 57 % of Australia’s produced petroleum liquids. EP VIC/P57 is surrounded by active oil and gas fields, including the Barracouta and Snapper gas fields.

11/09/2015

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