Mariner Scores 3: Oil, Gas Unlocked in Gulf of Mexico

Noble Amos Runner
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Ocean America
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Mariner has announced drilling success at three exploration wells in the Gulf of Mexico: Heidelberg #1 on Green Canyon Block 859, Bushwood #1 (formerly Geauxpher #3) on Garden Banks Block 463, and Smoothie #2 on South Timbalier Block 49. Heidelberg and Bushwood are deepwater wells located in water depths of approximately 5,000 feet and 2,700 feet, respectively. Smoothie, a deep shelf prospect acquired with Mariner's purchase of StatoilHydro shelf assets in 2008, is located in water depths of approximately 60 feet.

Scott D. Josey, Chairman, Chief Executive Officer, and President said, "These results underscore the substantial potential of our prospect inventory and further demonstrate Mariner's ability to generate organic growth from our diversified portfolio. We completed our 2008 offshore drilling program with an 80% success rate, and our 2009 program is off to an excellent start."

Heidelberg #1, a Subsalt Expanded Miocene prospect, was drilled to a total depth of nearly 30,000 feet, logging more than 200 feet of net oil pay (more than 250 feet TVT-True Vertical Thickness) in multiple high-quality Miocene sands. Well data continues to be analyzed to determine next steps in delineating and developing what appears to be a significant discovery. Mariner holds a 12.5% working interest in the Heidelberg discovery, which comprises Green Canyon blocks 816, 859, 860 and 903. Other partners in the discovery include Anadarko Petroleum Corporation (operator with a 44.25%), Eni (12.5%), StatoilHydro (12%), Cobalt International Energy, L.P. (9.375%), and ExxonMobil (9.375%).

Bushwood #1, a Conventional Deepwater Amplitude prospect, was drilled to a total depth of nearly 25,300 feet, logging more than 260 feet TVT of net gas pay in multiple sands, with more than 150 feet TVT of net gas pay found in the deeper exploratory section. Mariner operates and holds a 30% working interest. Partners include Energy Resource Technology GoM, Inc., a wholly-owned subsidiary of Helix Energy Solutions Group, Inc. (35%), Apache Corporation (20%), Deep Gulf Energy II LLC (10%), and Deep Gulf Energy LP (5%).

Smoothie #2, a Deep Shelf prospect, was drilled to a total depth exceeding 20,100 feet, logging more than 200 feet TVT of net gas pay in multiple zones. Mariner operates the well holding a 100% working interest in the discovery.

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