Project Profile
Location: Offshore Liberia
Area: approx. 2,500 sq km
Reserves: 2.6 billion barrels of Gross recoverable oil at the P50 (Best Estimate) probability level
Block LB-13 covers an area of approximately 2,500 square kilometres. The drilling targets identified by COPL are Cretaceous turbidite sand stratigraphic traps. An independent reserves evaluator to conduct a Gross Prospective Petroleum Resource Report for Block LB-13 was contracted. The evaluator reviewed the available seismic and chose the top 13 prospects on the block to derive a statistical aggregate number of 2.6 billion barrels of Gross recoverable oil at the P50 (Best Estimate) probability level. Block LB-13 was previously held by little Peppercoast Petroleum, who agreed to give up its rights after it failed to meet the operational requirements of its PSC with the government. Canadian Overseas Petroleum Ltd.(COPL) purchased a 100% stake in Block LB-13 from Peppercoast Petroleum plc for an estimated US$85 million in mid-2011. Now it has seen its PSC restated and amended, putting ExxonMobil firmly in Liberia’s exploration mix. COPL and ExxonMobil have amended the Asset Purchase Agreement, the new agreement gives COPL a 20% working interest in Block LB-13 and ExxonMobil as operator will have an 80% working interest. ExxonMobil will continue to pay COPL Bermuda\'s working interest portion of drilling expenses for the first US$120 million of gross drilling costs committed under the PSC, and COPL Bermuda\'s share of joint venture costs up to the completion of those operations.
In September 2015, Canadian Overseas Petroleum (Bermuda) Ltd., has received a Work Programme and Budget for 2016 from ExxonMobil. This Work Program is the Operators best estimate as to the timing of key activities. The well to be drilled under the 2nd Exploration Phase, Mesurado-1, is planned to spud in late 2016 to early 2017 with the primary goal of proving a commercial quantity of hydrocarbons in the Cretaceous Santonian-age reservoirs. The exploration well is currently estimated to be drilled for a total cost of US$120M. Long lead items have been ordered and there is an on-going effort to secure a rig of opportunity. The exact timing of the well will be dependent on rig availability and when ExxonMobil can confirm 3rd party contractor\'s capability to operate in Liberia.
Operators:
ExxonMobil: Operator with 83% working interest
Canadian Overseas Petroleum Ltd: 17% working interest