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LONDON (Alliance News) - Canadian Overseas Petroleum Ltd on Wednesday said it has received a work programme from ExxonMobil Inc, the US oil and gas giant, for the deepwater Block LB-13 well in Liberia.
The plan is for the well to be drilled in late 2016 to early 2017 and the results will be used to calibrate a plan for further drilling on the block.
The well will be drilled for around USD120.0 million, Canadian Overseas said. It has a 17% carried interest in the project.
"This is a positive first step in proceeding with the drilling of the Mesurado-1 well, subject to overcoming the remaining logistical issues related to the need for participation from third party contractors," said Arthur Millholland, Canadian Overseas' president and chief executive.
Shares in the company were up 30% to 3.4 pence on Wednesday on the news, one of the best performers in the London market.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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