No Oil Found at Marina-1

MELBOURNE Oct. 2, 2007 (Dow Jones Newswires)

Drillsearch Energy Ltd. (DLS.AU) said Tuesday that the Marina 1 exploration well off the coast of Western Australia, a joint venture with ExxonMobil Corp. (XOM), has failed to encounter any significant oil shows.

Drillsearch, which is operator of the well, said there were no hydrocarbon shows in two of its objectives and the third returned gas shows with some trace oil fluorescence.

Managing Director Philip Kelso said the company had not encountered any significant oil shows.

"We have hit some oil but if we had some significant oil we would have announced it - we have hit gas," he told Dow Jones Newswires.

The partners had been targeting a potential find of between 200 million and 250 million barrels of oil in place at the Marina Prospect, in a success case.

ExxonMobil has agreed to pay 85% of the Marina 1 well costs to earn a 65% stake in the prospect, with Drillsearch paying 15% and retaining a 35% interest.

Kelso said that, despite the lack of a significant oil find, the results have confirmed an active hydrocarbon system and the company will carry out further evaluation of the results.

Copyright (c) 2007 Dow Jones & Company, Inc.

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