Canadian Superior's "Mariner" block (EL 2409) encompasses a total area of 101,800 acres, and 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.
Concurrently, Canadian Superior is completing the evaluation of the information gained from the recent drilling of the Company's "Marquis" L-35/L35A exploration well, completed in September. Canadian Superior's President, Greg Noval, said, "Following the drilling of 'Mariner', we are planning to drill a second 'Marquis' well, by mid-2003. We are encouraged with the results of the L-35/L35A well and are looking forward to getting back on the 'Marquis' Prospect as early as possible". Noval noted that, "Industry is also planning at least two wells offsetting Canadian Superior's Mariner and Marquis acreages and deepwater drilling is being conducted offshore Nova Scotia which bodes well for our Company".
In terms of Canadian Superior's deep water acreage and the Company's "Mayflower" block (EL 2406), Coolen commented, "We are in the process of working toward finalizing a deepwater partner for this exciting prospect; and in September, we completed a Deep-Water Environmental Survey field program for 'Mayflower' and our Environmental Assessment for Exploration Drilling for the 'Mayflower' block will be filed in December. We have just completed our Canada-Nova Scotia Benefits Plan for 'Mayflower' and it will be filed with the CNSOPB next week". Canadian Superior's deep water "Mayflower" block is located approximately 285 miles straight east of Boston, Massachusetts in close proximity to northeast United States energy markets, which are the largest natural gas markets in the world. Drilling on the "Mayflower Prospect", targeting large deep-water turbidite structures identified on the property, is planned for late 2003/early 2004. Canadian Superior is one of the largest holders of deepwater acreage offshore Nova Scotia where the CNSOPB has recently significantly upgraded potential natural gas reserves. Deepwater wells encountering natural gas reserves have been drilling by Marathon Oil and Chevron Canada during 2002 in the area and EnCana Corporation is currently operating their first deepwater well at Torbrook offshore Nova Scotia.
Canadian Superior also said it was pleased to announce that in conjunction with the Company's offshore activities and local benefits programs required by the CNSOPB, the Company has established programs to promote education and training, as well as research and development activities for students enrolled in undergraduate education programs in the Province of Nova Scotia. A series of financial support initiatives (bursaries) and research grants have been established for the 2002-2003 semesters at Dalhousie University, the University College of Cape Breton and the Nova Scotia Community College, totaling $50,000. Announcing the program, Mike Coolen commented, "The goal of these programs is to promote and support education and training in the Province in relation to petroleum resource activity and to encourage, through financial assistance, oil and gas related Research and Development Projects for Nova Scotia students. As our activity level continues to grow, we look forward to building on these education, training and research and develop programs and continuing to support other community initiatives in Nova Scotia as well as move forward to develop our exciting 'world-class' offshore projects".
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