At that time, drilling will then further proceed in the remaining 216 mm (8 1/2 inch) hole section of the well to total depth. The "Mariner" I-85 well is a high pressure high temperature well that is one of the deepest wells that will be drilled this year in North America and it is proceeding ahead on schedule, and will take about another four weeks to drill to its targeted total depth of approximately 5,600 meters (18,370 feet) at a total budgeted cost of U.S. $30 million. Testing and evaluation of the well will then take place upon the well reaching its targeted total depth which should take approximately another two weeks thereafter to complete.
The Canadian Superior El Paso "Mariner" I-85 exploration well, which has shown encouraging drilling results to-date, is located approximately 290 kilometers (180 miles) southeast of Halifax, Nova Scotia. To date, drilling has confirmed the Company's seismic/geological interpretation for the prospect, with the 'Mariner' I-85 well being over 100 meters (328 feet) structurally higher than the nearby significant discovery well at "Arcadia" J-16. Mike Coolen, Canadian Superior's Director, East Coast Operations said today: "Significant gas shows and early indications of the higher temperatures and higher pressures at "Mariner" I-85 appears to confirm that the nearby proven reservoir gas system extends into this prospect and this bodes well for the next section of the well where primary natural gas targets are anticipated."
Three large "world-class" prospects, with estimated potential reserves of 2.5 tcf of natural gas have been identified for drilling on the "Mariner" block (EL 2409) utilizing high-resolution seismic. The block encompasses a total area of 101,800 acres and directly offsets five significant discoveries near Sable Island including the 1.6 tcf Venture natural gas field. The "Mariner" well is a High Temperature High Pressure (HTHP) well, drilling to a total depth of approximately 5,600 meters (18,370 feet), utilizing the latest in drilling technology and it is evaluating one of the three large structures mentioned above, initially targeting 1.2 tcf of natural gas reserves identified on the first structure which has an estimated potential present value - P.V. 10% of Cdn. $1.8 billion.
El Paso Oil & Gas Canada, Inc., an indirect subsidiary of El Paso Corporation, is participating in the drilling of the "Mariner" Prospect by paying 2/3 of the costs to earn a 50% interest in the "Mariner" Prospect, with Canadian Superior retaining a 50% interest in the Block and paying 1/3 of the costs related to the "Mariner" test well. The Rowan Companies, Inc.'s Rowan Gorilla V jack-up drilling rig, one of the largest new generation jack-up rigs in the world has been contracted to drill the well. This first "Mariner" well being drilled to the north of the eastern tip of Sable Island on the Scotian Shelf is only about nine kilometers (5 1/2 miles) northwest of Sable Offshore Energy Project's Venture natural gas producing field. This well is one of the deepest wells to be drilled in Canada over the next several months and it is located on Exploration License EL 2409, acquired by Canadian Superior in November 2001 for a work expenditure bid of Cdn. $15.5 million.
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