Drillsearch will test the Marina Prospect located in WA318P. The well will be drilled with Premium Drilling's Wilcraft jackup which is currently operating in the North Perth Basin. The current scheduled is for drilling to begin in mid-September 2007.
The Marina Prospect was identified on seismic surveys undertaken by Drillsearch followed by extensive geoscience work by it's technical team.
The material terms of Drillsearch's agreement with ExxonMobil are:
Commenting on this farmout, Drillsearch's Managing Director, Mr. Philip Kelso, said:
"This farmout to ExxonMobil is the first major milestone for our Bonaparte Gulf projects. ExxonMobil's involvement is a vote of confidence in the geoscientific work undertaken by our technical team in the Bonaparte Gulf and on this prospect.
Success with Marina 1 will catapult Drillsearch into the middle rank of Australian petroleum companies."
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