3D Oil Limited advises that the Sea Lion-1 exploration well is now expected to spud late August.
The West Telsto jack-up drilling rig has been contracted by Vic/P57 joint venture, with Carnarvon Hibiscus Pty Ltd as operator, to drill Sea Lion. The rig is currently in Bass Strait but has not yet been released from its current assignment for another operator. The timing of that release and subsequent handover of the West Telesto for the Sea Lion-1 drilling is weather dependent.
Sea Lion-1 is located in offshore Gippsland Basin permit Vic/P57 where TDO has a 24.9% interest. However, TDO's share of the Sea Lion-1 well costs is being carried up to the extent of US$7.5 million as part of an agreement CHPL.