PETROLEUM NEWS Cyclone fears abate Marija Zivkovic Tuesday, 5 January 2010
THE Braveheart Joint Venture is expected to resume drilling the Braveheart-1 well in WA-333-P of the Browse Basin, Western Australia, after a cyclone warning for the area was cancelled. On Monday, partner Moby Oil and Gas said the JV had temporarily suspended the drilling of Braveheart-1 and evacuated personnel from the Songa Venus semi-submersible drilling rig due to possible cyclone activity in the area. However, this morning the weather bureau cancelled the cyclone warning, saying the tropical low near the coast of WA was no longer expected to develop into a tropical cyclone.
PNN contacted Moby this morning but the company was unavailable for comment.
Braveaheart-1 was spudded on December 29 and was expected to enter the main target zone on or about January 4.
However, since the spudding, the well has been affected by cyclone activity and a stuck drill bit.
The bottom-hole assembly and drill bit became stuck on January 1. Moby said the bottom-hole assembly had been abandoned and the rig had started drilling a sidetrack to a depth of about 82.2m before operations were suspended due to the cyclone threat.
Braveheart-1 is drilling into the Braveheart prospect which straddles the WA-332-P and WA-333-P permits, and has a best estimate of 1.3 trillion cubic feet if gas and condensate is found, or 397 million barrels if oil is present.
Moby will have a 26.4375% interest in the well and has said it believes success at Braveheart will transform the company financially.
The other partners in the Braveheart JV are operator Hawkestone Oil, Australian Oil & Gas Corporation, Goldsborough and other private companies.
MOG Price at posting:
19.5¢ Sentiment: Hold Disclosure: Held
