Hibiscus Petroleum has begun drilling the Sea Lion-1 wildcat located off the southern coast of Australia, the Malaysian exploration and production revealed in a Monday statement.

Hibiscus spuds Sea Lion-1 wildcat

Australia

SYDNEY, October 26, 2015 – Hibiscus Petroleum has begun drilling the Sea Lion-1 wildcat located off the southern coast of Australia, the Malaysian exploration and production revealed in a Monday statement.

The well, spudded by the jack-up West Telesto, is expected to reach a depth of 1,800 metres within the next three or four weeks. Located in the Gippsland Basin, the well is targeting an oilfield with 11 million barrels of recoverable unrisked prospective resources.

If the Sea Lion prospect yields commercially viable discovery, the development could be tied with the nearby West Seahorse field, driving down development and operating expeditures.

Adverse weather conditions have delayed the spudding of the Sea Lion-1 well since June, not allowing for Origin Energy to hand off its West Telestro rig to Hibiscus.

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