Canadian Overseas Petroleum provides update on Liberia project
COPL said its project which is mainly exploring the deep water Block LB-13 is on schedule for a well to be drilled in late 2016 in the 2nd Exploration Phase, with the primary goal of proving a commercial quantity of hydrocarbons in the Cretaceous Santonian-age reservoirs. The well will also provide calibration for the seismic response which can be used to evaluate other leads on the block.
The company holds a 17 percent working interest in Block LB-13 with ExxonMobil Liberia, which holds an 83 percent working interest. It has also formed a joint venture company with Shoreline Energy International Limited.
"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," COPL President and CEO Arthur Millholland said. "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 toward exploring this highly prospective acreage."