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COPL disappointment as Liberia well is abandoned

By BFN News | 08:06 AM | Monday 19 December, 2016


West Africa-focused Canadian Overseas Petroleum Limited has confirmed that the Mesurado-1 well operated by ExxonMobil Exploration and Production Liberia Ltd, which reached final total depth on Saturday (17 December) will be plugged and abandoned. Drilling operations commenced on the Mesurado-1 exploration well on 21November 21, 2016 utilizing the Drillship Seadrill West Saturn. The Mesurado-1 well is located about 50 miles offshore Liberia on Block LB-13, in approximately 2500 metres of water, which the company's 100% owned subsidiary, Canadian Overseas Petroleum (Bermuda) Limited, holds a 17% interest. The well, targeting oil in a sequence of Late Cretaceous Santonian aged sands, intersected 145 meters (475 feet) of net sand of which 118 metres (387 feet) was deemed to be reservoir quality. No hydrocarbons were indicated by the logging while drilling operations performed across the targeted intervals. As such the Operator has advised the company that no further logging operations will be conducted and the well will be plugged and abandoned. Chief executive Arthur Millholland said: "We are naturally disappointed by the lack of hydrocarbons in the targeted reservoir sands in the Mersurado-1 well. "The targeted Santonian sand sequence and thickness intersected was in accordance with our seismic interpretation. The lack of hydrocarbons at this location where our seismic data presented attributes indicative of hydrocarbons will cause us to do additional work on the 3D seismic over the Block, and reevaluate the other leads we have mapped on LB-13." At 8:06am: (LON:COPL) Canadian Overseas Petroleum Limited Com Shs Npv share price was -6.88p at 1.13p Story provided by StockMarketWire.com

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