Hibiscus Petroleum Berhad's wholly-owned subsidiary, Carnarvon Hibiscus Pty Ltd says that the West Telesto drilling rig has now been demobilized from its previous assignment and will be handed over to CHPL next week. The spud date for the CHPL operated Sea Lion-1 exploration well is expected by 25 October 2015.

The overall Sea Lion exploration drilling program is expected to take up to 30 days.

The Sea Lion prospect is located 6km from the West Seahorse field. In the event of a commercial discovery at Sea Lion, there exists potential for an integrated development with West Seahorse, thereby materially reducing development and operating expenditure.

The estimated prospective unrisked recoverable resources is between 8 and 15 million barrels of oil, with a good probability of success.

Tags: Hibiscus Petroleum