Drilled to a depth of 2217m in 1062m of water, the high-risk, high-reward well was targeting 500 million barrels of recoverable oil in a large four-way dip structure.

However, JV partner Roc Oil knew success at Jacala-1 was a long shot.

“Because it’s such a high-risk project, we’re going into it assuming it’s going to be dry,” Roc chief executive John Doran told EnergyReview.net recently.

The well will be plugged and abandoned once the formation evaluation program is completed, Tap said.

The Jacala-1 well is located on the Exmouth Sub-basin, about 200km west of Barrow Island and 100km north-west of the Laverda, Vincent and Enfield field complex in roughly 1060m of water.

WA-351-P JV participants are operator BHP Billiton Petroleum (North West Shelf) which holds a 55% stake, Tap (Shelfal) which owns 25% and Roc Oil (WA), which holds the remaining stake.