Premier Oil has started drilling the 14/15-5 Zebedee exploration well, located on licence PL004b, off the Falkland Islands.
Premier Oil operates and holds a 36% interest in the well. Falkland Oil and Rockhopper Exploration own 40% and 24% stakes, respectively.
The well will test seven stacked fan bodies with changing geological chances of success, ranging between 10% and 50%.
However, Rockhopper said in its own statement that success rates range from between 9% to 52%.
The well is targeting estimates of about 281 million barrels of oil equivalent (mmboe), of which 112mmboe would be net to Falkland Oil, 68mmboe to Rockhopper, with the remaining 101mmboe to Premier.
Falkland Oil chief executive Tim Bushell said: "The Zebedee prospect, if successful, will significantly increase the hydrocarbon resources of the Sea Lion field complex within our licence area."
Rockhopper said each well on the licence will cost around $50m in total, but due to various carry arrangements, the company will pay a total of $25m for the four wells planned.
The cost of the Zebedee well, net to Falkland Oil, is about $22m.
Rockhopper Exploration CEO Samuel Moody said: "This exciting exploration campaign exposes shareholders to a range of prospects and risks which, in the case of success, will add significantly to the value of the already discovered and appraised Sea Lion field."
Image: The 14/15-5 Zebedee exploration well is targeting estimates of about 281 million barrels of oil equivalent. Photo: courtesy ofsuwatpo/FreeDigitalPhotos.net.