3D Oil Limited (TDO) announced Tuesday that the drilling of the Sea Lion-1 exploration well, located offshore Australia, has been further delayed due to adverse weather conditions which are preventing the handover of the West Telesto (400’ ILC) from the current operator. Sea Lion-1 is situated in offshore Gippsland Basin permit VIC/P57 where TDO holds a 24.9 percent interest.
TDO’s share of the Sea Lion-1 well costs is being carried, up to the extent of $7.5 million, as part of an agreement with Carnarvon Hibiscus PL (CHPL).
Commenting on the delay, TDO said in a statement: “The delay in spudding Sea Lion-1 is not at the material expense of the VIC/P57 joint venture and…is not due to problems with the performance of the rig or other operational factors. The delay is entirely due to adverse Bass Strait weather and sea conditions preventing the timely release of the West Telesto from its current assignment with another operator.”