Canadian Superior's 100% owned Mariner Block (EL 2409), acquired at the November 1, 2001 Canada-Nova Scotia Offshore Petroleum Board ("CNSOPB") Land Sale by Canadian Superior, is directly offsetting five significant discoveries near Sable Island including the 1.6 TCF Venture natural gas field located 275 kilometers southeast of Halifax, Nova Scotia. The Mariner Block was successfully acquired for a Work Expenditure Bid of Cdn. $15,510,000 based on proprietary seismic shot by Canadian Superior prior to the Land Sale. The seismic has identified large Cretaceous structures on the prospect, which is located in shallow water in close proximity to existing Sable Island producing infrastructure. Similar structures in the immediate area are currently producing approximately 500 mmcf/d of natural gas into newly established Maritimes and vibrant New England natural gas markets.
The Mariner Block (EL-2409) encompasses a total area of 101,800 acres. The Mariner Project, located in less than 50 meters of water, contains hanging wall, rollover anticline geological features analogous to the Sable Offshore Energy Project deltaic fields, and holds the potential for over 1 TCF of recoverable natural gas reserves.
The Company has filed its Environmental Assessment for Exploration Drilling for the Mariner Block (EL 2409) offshore Nova Scotia with the Canada-Nova Scotia Offshore Petroleum Board.
Canadian Superior President, Greg Noval said, "Mariner is another piece of Canadian Superior's multi-well drilling plans for the Scotian Shelf and we are very excited about proceeding ahead with drilling on this exciting new project over the next 90 to 180 days."
Currently, Canadian Superior is drilling the first Marquis Project well (Marquis L-35), spudded July 6, 2002, approximately 20 kilometers northwest of Sable Island directly on trend with, and analogous to, the recent Deep Panuke Abenaki reef natural gas discovery. Deep Panuke is approximately 25 kilometers to the southwest of the Marquis Project and has successfully tested several delineation wells, each with productive capacity in excess of 50 million cubic feet per day (mmcf/d).
In Halifax, Mike Coolen, Director of East Coast Operations for Canadian Superior, commented, "We are very pleased with the progress on Marquis L-35 to date; drilling is proceeding ahead of schedule at 2,800 metres to a targeted total depth of 5,100 meters and we look forward to also drilling our first Mariner exploration well".
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