Mariner Energy has completed drilling its Red Lion prospect located on the Gulf of Mexico shelf in Sabine Pass Block 8. The SA 8 #1 well was drilled to a total measured depth of 14,469 feet / 11,393 feet true vertical depth (TVD) and encountered approximately 40 feet of net TVD gas pay in a single zone. The well is being completed, and Mariner anticipates first production during the fourth quarter of 2007. Mariner internally estimates gross proved and probable reserves for the well to be in the range of 15 to 30 billion cubic feet equivalents of natural gas (Bcfe). Mariner's working and net revenue interests in the prospect are 56.66% and 47.72%, respectively. Partners in the well are Hydro GOM, LLC and Hunt Oil Company.
Mariner has also completed drilling the second of two planned wells at its deepwater Magellan prospect located in East Breaks Block 424. The EB 424 #2 well was drilled to a total measured depth of 11,409 feet / 11,280 feet true vertical depth (TVD), thereby entitling Mariner to an 85% record title interest in the block. The well encountered thin non-commercial gas pays and was temporarily abandoned as a dry hole. Mariner is evaluating additional nearby opportunities, sidetrack options for the #2 well, and possible completion of the previously announced #1 discovery well to determine if the Magellan project may be commercially viable. Results of the evaluation are expected by year-end.
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