The well is expected to evaluate a prospect along trend with the Deep Panuke natural gas discovery where existing wells have production tested at rates in excess of 50 MMSCFD. In addition to the J-14 location, other leads have been identified on Exploration License No. 2357.
Subject to the terms of the farmout, Marauder will earn a 20 percent working interest in Exploration License No. 2357 after the drilling of the well has been completed, and will have net holdings in the license of 6,423 acres.
Marauder also owns a 50% working interest in the Balmoral Block that has a potential drilling location along trend with the Deep Panuke discovery called Wolfville N-32. The N-32 location is situated between J-14 and MarCoh D-41, a successful well with 100 m of gas bearing reservoir that was drilled during the summer of 2003.
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