Hibiscus strike no oil oh Hibiscus strike no oil

Hydra oh Hydra - like MARVEL SHIELD enemy, h ahaha


Hibiscus Petroleum says strikes dry well at Sea Lion-1

KUALA LUMPUR: Hibiscus Petroleum Bhd says its unit Carnarvon Hibiscus Pty Ltd (CHPL) did not find any no zones of commercial hydrocarbons were encountered in the Sea Lion-1 well off Australia.

It said on Wednesday it would plug and abandon the Sea Lion-1 well and to de-mobilise the West Telesto drilling rig from the site.

It added that this followed the completion of the wireline evaluation and sampling of formation fluids over the six zones of interest identified on preliminary Sea Lion-1 data.

Hibiscus Petroleum’s managing director, Dr Kenneth Pereira said, “While the Sea Lion results were disappointing, we are pleased that with the recent announcement of the acquisition of Hydra Energy and their 2P (proven and probable) reserves in Western Australia we have reduced the impact of the unsuccessful Sea Lion well to the company by acquiring more reserves that are synergistic to our current business.

“With the addition of the Hydra Energy reserves coupled with West Seahorse, our Australian assets will triple to 23 – 25 million barrels of 2P/2C reserves/resources and will support the development and commercialisation of our Australian assets following completion of the Hydra acquisition.”

The Sea Lion prospect is located offshore northwest of the Gippsland Basin (permit VIC/P57) where CHPL holds a 75.1% interest and is approximately 6 km from the West Seahorse field (permit VIC/L31) where CHPL holds a 100% interest.