Phoenix Drills Ahead at Marathon Well

Petsec advised that as at July 12, 2011, the Marathon #2 well had reached a measured depth of 18,845 feet (5,744 meters), 7 inch liner had been set and preparations were being made to drill ahead. The well is projected to reach its total depth of 21,000 feet (6,500 meters) within approximately 2 weeks.

The Marathon #2 well is a follow up to the successful #1 well and is situated in approximately 8 feet (2.4 meters) water depth and is located approximately 900 meters from the #1 well location. The #2 well is designed to serve as a development well for the field as well as to test deeper exploratory reserve potential on the Marathon structure.

Participating working interests in the well are:

  • Petsec Energy Ltd 8%
  • Phoenix Exploration Company LP (operator) 65%
  • Private Companies 27%

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