Canadian Superior's Director of East Coast Operations, Mike Coolen, said in Halifax today, "The wellsite survey work was completed in compliance with Canada-Nova Scotia Offshore Petroleum Board's ("CNSOPB's") regulations and guidelines and that the results of the survey are being forwarded to CNSOPB to obtain final approval for the drilling of the initial "Marquis" test well which is on track for Q2 of this year. Our first "Marquis" well will test the main Abenaki reef fairway directly on trend and up dip from PanCanadian Petroleum Limited's deep Panuke discovery, in contrast to recent drilling activities conducted by other companies in the basin that has yielding disappointing results testing other play concepts. Drilling of the "Marquis" well will also take place at a time that allows us to capitalize on significantly lower service costs and when demand for east coast gas is continuing to increase, and when projects adjacent to existing infrastructure are of premium value. This bodes very well for our projects", Coolen said. Canadian Superior's 100% owned "Marquis" block is located approximately 20 kilometers (12.5 miles) northwest of Sable Island and is directly on trend and analogous to the recent Deep Panuke Abenaki reef natural gas discovery, approximately 25 kilometers (15.6 miles) to the southwest where several successful delineation wells have been tested, each with productive capacity in excess of 50 mmcf/d. The Deep Panuke discovery is expected to produce up to 400 mmcf/d when it is brought on line. Canadian Superior's "Marquis" Prospect is targeting reserves of up to 2 tcf of natural gas and similar production.
Canadian Superior also said today that it has completed a detailed seismic review of its "Mariner" block, which was acquired in November 2001 and is located directly adjacent to Sable Island Offshore Production's (SOEP) Venture field, the largest single SOEP field, with 1.6 TCF of proved producing reserves. The SOEP group currently produces approximately 550 mmcfd from three fields surrounding Canadian Superior's "Mariner" block. The review of extensive seismic shot by Canadian Superior during the summer of 2001 on the "Mariner" Prospect indicates the presence of a significant rollover anticline feature that is Cretaceous in age, and is analogous to the SOEP operated Venture field. The 101,800-acre block lies in approximately 60 metres of water and is offsetting existing infrastructure. The newly identified Cretaceous feature has the potential to contain 500 to 750 bcf of recoverable natural gas reserves, and is also owned 100% by Canadian Superior. The company plans to acquire extensive 3-D seismic over the block in the summer of 2002 to further delineate the "Mariner" Prospect for drilling in 2003 and to develop other features on the block.
In addition, a detailed review of Canadian Superior's "Mayflower" Prospect has identified massive basin floor fan sands and turbidites confined in mini basins by mobile salt diapers, located on the Company's "Mayflower" block. Canadian Superior acquired the block; Exploration License No. 2406 in November 2001 and owns a 100% interest in the block. The license covers approximately 720,000 thousand acres located on the western margin of the Scotian basin, and is bordered to the west by Georges Bank.
Water depth on the "Mayflower" block ranges form 1000 to 1500 meters. Geologically, the "Mayflower" block is located in the Shubenacadie Sub-basin, an area located between a Jurassic age carbonate shelf margin and a region dominated by abundant salt domes and salt ridges on the seaward side. The Shubenacadie Sub-basin contains an abundance of deepwater turbidite sediments ranging in age from early Cretaceous to late Tertiary. There are numerous basins along the Atlantic margin in which this type of prospect has yielded discoveries in excess of one billion barrels of oil, including offshore West Africa, offshore Brazil, the Gulf of Mexico, and the North Sea.
In a related development, Canadian Superior reported today that after reviewing Canadian Superior's extensive undeveloped acreage offshore Nova Scotia, McDaniel & Associates Consultants Ltd. of Calgary, Alberta has appraised Canadian Superior's holdings at Cdn. $85 million as of January 1, 2002.
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