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Mariner Energy has made a material conventional shelf discovery in the High Island (HI) 116 #5ST1 well, drilled to a total measured depth of 14,683'/13,150' True Vertical Depth (TVD). The well encountered approximately 540' of net vertical pay in thirteen sands. Completion operations are underway, with initial production anticipated later in the fourth quarter 2006.
HI 116 is part of the asset base Mariner acquired from Forest Oil Corporation in March 2006. Mariner has a 100% working interest and an approximate 72% net revenue interest in the well. Mariner internally estimates this well to have proved and probable reserves in the range of 40 - 60 Bcfe. "This is the first exploitation well drilled based on the evaluation and recommendation from Mariner's development team. This success evidences the upside potential in the Forest assets that we have just begun to exploit," said Scott D. Josey, Mariner's Chief Executive Officer and President.
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