COPL not giving up on Liberian offshore block

Canadian Overseas Petroleum Limited (COPL) has not to give up on the Liberian offshore oil and gas space after a recent duster with the Mesurado well in partnership with ExxonMobil.

While the current production sharing contract (PSC) for LB-13 block with ExxonMobil and COPL – where the well was drilled –  was terminated effective September 25, 2017, the company wants another chance.

COPL on Wednesday said its technical team saw opportunity in other areas of Block LB-13 and continued to perform geological and geophysical analysis in those areas.

Thus, it has revealed it plans to approach the Government of Liberia with regards to entering into a new Contract for Block LB-13, offshore Liberia.

Arthur Millholland, President & CEO, said: “We look forward to updating shareholders with the next steps that we take with regards to evaluating other leads mapped out on block LB-13 and other opportunities we see along the Liberian continental margin.”

To remind, Exxon Mobil and COPL failed in their effort to find oil offshore Liberia in the Mesurado-1 well located in the LB-13 block. The well was located about 50 miles offshore in approximately 2,500 meters of water.

Drilling started on the Mesurado-1 exploration well on November 21, 2016, utilizing the West Saturn drillship owned by Seadrill.

The Canadian company said in May 2017 that it continued to interpret the data collected from the Mesurado-1 well in order to re-evaluate the other leads mapped on LB-13.

Apart from its Liberian block, COPL also provided an update on its Nigerian operations on Wednesday by stating it was still working on securing funds for an appraisal and development program in the country, and was confident it would meet the drilling deadline target.

Offshore Energy Today Staff