Mesurado-1 well result
Canadian Overseas Petroleum (COPL) has announced that the ExxonMobil operated Mesurado-1 exploration well, offshore Liberia, did not encounter hydrocarbons. The well targeted oil in a sequence of Late Cretaceous Santonian sands and intersected 145m of net sand of which 118m was deemed to be reservoir quality. Logs taken across target intervals did not indicate hydrocarbons and the well is to be plugged and abandoned. Pre-drill, we had valued COPL’s Liberia (LB-13) prospects at risked 10.5p/share (C$0.18/share) assuming a 19.5% commercial chance of success. Our group RENAV, including net interest in OPL 226 Nigeria, stood at risked 15.3p/share (C$0.26/share) before today’s announcement.Canadian Overseas Petroleum is engaged in the exploration and development of oil and gas in the United Kingdom North Sea.
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