In the independent assessment, 24.6 m (80.7 feet) of Net Pay has been assigned to the Canadian Superior El Paso "Mariner" I-85 well from the well log analysis. Further, in the report, it is stated that 4 (four) zones warranted flow testing in the well "based on the gas indications, calculated saturation and porosity values, and the pressure potential at the depth of these formations".
Reserve Estimates were also addressed in the report. Although the "Mariner" I-85 well was not flow tested, the report states, "Potential reserve estimations can be generated based on well log data, and maps based on seismic interpretation" and has resulted in potential recoverable gas reserve estimates between 211 bcf and 632 bcf on this one "Mariner" structure on which the "Mariner" I-85 well was drilled and evaluated.
Speaking from Halifax, Mike Coolen, Canadian Superior's Vice President, East Coast Operations, said, "We are pleased with the results of this independent expert assessment and it essentially supports our own in-house evaluations. We believe the independent report also supports Canadian Superior's view that the "Mariner" I-85 well that was untested and abandoned after our joint venture partner El Paso elected not to proceed any further with drilling on the 'Mariner' I-85 well established gas in multiple zones and our view that a large gas pool exists on the 'Mariner' Block."
Also Canadian Superior said today that until it had resolved certain issues including the recent acquisition last week of El Paso's offshore Nova Scotia interests any detailed technical information available on the well could not be released. Canadian Superior now intends to move forward on the "Mariner" block and as reported last week the Company has just completed the surveying of 2 proposed future drilling locations on the block.
In formulating their evaluation Al Lye & Associates, Inc. had access to all information, maps, seismic data and logs available to Canadian Superior. The "Mariner" I-85 well was drilled on one of three large structures identified by Canadian Superior by utilizing high resolution seismic shot over Canadian Superior's "Mariner" Block. The majority of this structure is located on Canadian Superior's extensive land holdings in the area.
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