As of this morning, December 8, 2003, the Rowan Gorilla V is drilling ahead at the Canadian Superior El Paso "Mariner" I-85 well in the 444.5 mm (17 1/2 inch) hole section of the well, at a Total Vertical Depth (TVD) of approximately 2,729 m (8,953 feet), with the 762 mm (30 inch) conductor casing and the 508 mm (20 inch) surface casing strings already successfully set in place.
The "Mariner" I-85 well is currently outperforming offset wells drilled previously in the area and Canadian Superior expects to fully evaluate the anticipated series of Cretaceous and Jurassic deltaic sediments in this Prospect with further drilling and well testing planned for the Canadian Superior El Paso "Mariner" I-85 over the next several weeks.
When contacted in Calgary, Greg Noval, President of Canadian Superior, said, "We are very pleased with the record progress to date on the 'Mariner' I-85 well, the initial well in a multi-well drilling program planned for this block and, on our recently acquired nearby 'Marauder' Block. Without a doubt, the 'Mariner' I-85 well is one of the most exciting high-impact natural gas wells currently drilling in North America and we are extremely optimistic for this well in this area of Significant Discoveries and existing producing fields."
The well location for the Canadian Superior El Paso "Mariner" I-85 well is approximately 290 kilometers (180 miles) southeast of Halifax, Nova Scotia. Canadian Superior's and El Paso's "Mariner" Project is located north of the eastern tip of Sable Island on the Scotian Shelf. The first "Mariner" well to be drilled is located only about 9 kilometers (5 1/2 miles) northwest of Sable Offshore Energy Project's Venture natural gas producing field. This well is one of the deepest wells to be drilled in Canada over the next several months and it is located on Exploration License EL 2409, acquired by Canadian Superior in November 2001 for a work expenditure bid of Cdn. $15.5 million.
Three large "world-class" prospects, with potential reserves of 2.5 tcf of natural gas, have been identified for drilling on the "Mariner" block (EL 2409) utilizing high-resolution seismic. The block encompasses a total area of 101,800 acres and directly offsets five significant discoveries near Sable Island including the 1.6 tcf Venture natural gas field. The "Mariner" well is a High Temperature High Pressure (HPHT) well, drilling to a total depth of approximately 5,600 meters (18,370 feet), utilizing the latest in drilling technology and is evaluating one of the three large structures mentioned above, initially targeting 1.2 tcf of natural gas reserves identified on the first structure which has a potential present value - P.V. 10% of Cdn. $1.8 billion.
The "Mariner" I-85 well will take about another 70 days to drill to its targeted total depth of approximately 5,600 meters (18,370 feet) at a total budgeted cost of U.S. $30 million. Testing and evaluation time will be determined based on the detailed formations encountered in the well. The primary objective of the well is a series of deltaic sediments of the Upper and Middle Mic Mac formations producing in the area; and the secondary is a series of deltaic sands of the Lower Mississauga and lowermost Middle Mic Mac formations, also producing in the area.
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