Mariner Energy has completed drilling the first of two planned wells at its Magellan prospect located in East Breaks Block 424. The EB424 #1 well was drilled to a total measured depth of 12,232 feet / 11,302 feet true vertical depth (TVD). The well encountered approximately 42 feet of net TVD gas pay as well as two non-commercial zones with thin gas pays. The results appear to establish the presence of hydrocarbons on the prospect, but Mariner has lowered its estimate of unrisked reserve potential for the project from 100 to 200 billion cubic feet equivalents (Bcfe) of natural gas to 50 to 100 Bcfe.
Consistent with original plans for the project, Mariner and its partner have commenced drilling a second exploratory well to determine commercial viability of the project and expect to have results during the early third quarter of 2007. Another partner that participated in the first well has opted out of participation in the second well. Mariner has increased its working interest in the project to 85% and will earn record title upon reaching objective depth in the second well.
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