Drillsearch Energy Limited on Thursday issued a drilling update for the Marino-1 well, which is the second of a two-well program in PEL 91, following the Chiton-1 oil discovery. Drillsearch holds a 60% interest in PEL 91, the Marino-1 well and the Chiton-1 oil discovery. The well is being operated by Beach Petroleum (40%) using the Ensign Rig# 30. Drilling to a planned total depth of 1948 meters is expected to take approximately 12 days.
Progress with drilling as at 06:00 hrs CST Thursday is:
--Spud Date: 22 August 2009 at 23:00hrs CST
The primary target Namur Sandstone was penetrated overnight with no hydrocarbon shows. Drilling continues to evaluate the secondary objectives, including the Birkhead Formation that is productive in the Growler Oilfield located 25km to the northeast.
Marino-1 will test a second prospect in PEL 91 along the "oil fairway" on the western flank of the Patchawarra Trough, approximately 9 kilometers north of Chiton-1. The Marino prospect is a robust structural trap matured for drilling with the benefit of data from the Modiolus 3D Seismic Survey. The primary objective for Marino-1 is the Namur Sandstone that has proved to be a prolific oil producer along the same trend immediately to the south in PEL 92 and which is the pay zone in the Chiton oil discovery.
Secondary objectives are within the Birkhead Formation that is productive immediately to the north in PEL104 and the Poolowanna Formation that is also productive in PEL 92 to the south.
Seismic mapping of the Namur horizon indicates that the Marino Structure has approximately 12 meters of vertical relief and an areal extent of 8.6 square kilometers. Probabilistic resource assessments give mean recoverable oil reserves of 2.0 mmbbl and P10 (High) potential of 4.4 mmbbl. The Marino prospect has an assessed probability of success of 31% with the key element of risk being hydrocarbon charge.
Marino-1 will be drilled as a conventional vertical well with logging and possible testing planned after the well reaches total depth.
Working Interests in the Marino-1 well are:
--Drillsearch Energy Limited 60%
Drillsearch Energy Limited has over 20 years of petroleum production and exploration experience, with a balanced development pipeline of permit interests containing a portfolio of production interests and exploration interests right through the development charts in Australia, Canada, and Papua New Guinea. This mix offers shareholders asset growth with real upside potential.
Drillsearch is an upstream petroleum company formed to explore, and develop, the conventional petroleum potential of a number of highly prospective areas specifically selected because of their potential to either yield significant discoveries and early cash flow or provide potential for high impact, "company maker" discoveries.
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