(Ecofin Agency) - Exxon Mobil an American multinational oil and gas corporation headquartered in Irving, Texas said it has set a time frame for drilling of a long-delayed wildcat well in Block LB-13, offshore Liberia, for late 2016 to early 2017. 

Canadian Overseas Petroleum Limited (COPL), a partner in the project, stated that it had received Work Program and Budget for 2016 from ExxonMobil ; the operator.

The well is to be drilled under the 2nd Exploration Phase, Mesurado-1with the primary goal of proving a commercial quantity of hydrocarbons in the Cretaceous Santonian-age reservoirs as well as also provide calibration for the seismic response which can be used to evaluate other leads on the block.

To COPL, the exploration well is presently estimated to be drilled for a total cost of $120M, which is the gross amount of the company’s 17% carried interest. Long lead items have been ordered and there is a current effort to secure a rig of opportunity, COPL said. The exact timing of the well will be dependent on rig availability and when ExxonMobil can confirm 3rd party contractor’s capability to operate in Liberia.

“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. Arthur Millholland, President and CEO, told Offshoreenergy today.

“While the delay to the exploration program has been frustrating for COPL and its shareholders, we are pleased to now have a timetable to work towards exploring this highly prospective acreage.” He added.

Recent Ebola crisis in Liberia has caused significant impacts to the LB-13 operational schedule in 2014 and 2015. Nevertheless with the second declaration of “Ebola Free” status by the WHO, uncertainty continues to remain as to when ExxonMobil will begin fully operation in Liberia.

However, COPL revealed that the “State of Emergency” agreement with NOCAL and the Operator, announced in 2014, it provides for additional time to complete the work program in the 2nd Exploration Phase of the LB-13 Production Sharing Contract.