Conoco and Ocean Energy, Inc. announced a deepwater discovery on the Magnolia prospect located on Garden Banks Block 783 in 4,700 feet of water in the Gulf of Mexico. The Magnolia well was the first well drilled by R&B Falcon’s ultra-deepwater drillship, Deepwater Pathfinder. The well, drilled to a depth of 16,868 feet, encountered hydrocarbon-bearing sections of 150 to 200 net feet.