Canadian Overseas Petroleum Ltd. (COPL), in its Q1 report updated its activities in Liberia and Nigeria. The company revealed that the interpretation of data collected from the drilling of the Mesurado-1 well offshore Liberia on Block LB-13 continues. It, along with operator ExxonMobil, is also re-interpreting the 2,500 sq km 3D seismic data set by incorporating drilling results into a new seismic interpretation.
According to company CEO, Arthur Millholland, the company is evaluating whether the false hydrocarbon seismic response at Mesurado-1 is a local or a regional phenomenon. “This evaluation is not one which can be accomplished in a short time, but should be completed late Q2 to early Q3 2017,” Millholland said.
Meanwhile in Nigeria, through COPL’s partnership with Shoreline Energy, the company continues to source funds for the first drill on OPL 226. To this end the company has engaged Cofarco SAS of France and Zeus Capital of the UK to source the required funds. COPL remains confident that it will meet the target drilling of an appraisal well in late-2017.
Millholland said the company remains focused on developing an attractive oil appraisal on OPL 226, which is a highly prospective area. “The two investment banks we have engaged are experienced in financing African energy ventures. We look forward to updating the market on the progress made at OPL 226 in the second and third quarters,” he said.
Source: Petroleum Africa