Libra-1 exploration well spudded

The semisubmersible Ocean Epoch has spudded the Libra-1 exploration well in the Browse basin, offshore Western Australia, according to Nexus Energy.

Offshore staff

MELBOURNE, Australia -- The semisubmersible Ocean Epoch has spudded the Libra-1 exploration well in the Browse basin, offshore Western Australia, according to Nexus Energy. The conductor was set and operations were preparing to drill ahead in a 17.5-in. (44-cm) hole, the company says.

The Libra-1 well is expected to intersect the target reservoir in late November, and is testing near field exploration potential around the greater Crux area. Nexus' estimates pre-drill gross recoverable resource for Libra at 500 bcf of gas and 19 MMbbl of condensate.

Nexus also believes that a successful result at Libra-1 would significantly enhance the likelihood of encountering hydrocarbons in the adjacent Auriga and Caelum prospects within exploration permit AC/P23.

"Nexus is excited to be drilling this potentially high impact prospect," says Ian Tchacos, Nexus' MD. "Should Libra prove successful in AC/P41, it greatly improves the likelihood of success at the Auriga and Caelum prospects in AC/P23 which could be tied-back to the Crux liquids project, enhancing the overall project value.

On a broader view, we map the potential for over 6 tcf of gas resource with the potential for in excess of 200 MMbbl of associated condensate across AC/P23 and AC/P41 in the greater Crux area."

11/06/2008

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