ExxonMobil Takes Stake in Marina Prospect Offshore Australia

Drillsearch Energy has reached an agreement with Esso Australia Resources, a subsidiary of ExxonMobil Australia Pty Ltd. to drill the Marina 1 well located offshore Western Australia in the Bonaparte Gulf.

Drillsearch will test the Marina Prospect located in WA318P. The well will be drilled with Premium Drilling's Wilcraft jackup which is currently operating in the North Perth Basin. The current scheduled is for drilling to begin in mid-September 2007.

The Marina Prospect was identified on seismic surveys undertaken by Drillsearch followed by extensive geoscience work by it's technical team.

The material terms of Drillsearch's agreement with ExxonMobil are:

  • ExxonMobil has agreed to pay 85% of the Marina 1 well costs to earn a 65% working interest in the Permit. At that point ExxonMobil will become the operator of the permit.
  • Drillsearch will contribute 15% of the well costs and retain a 35% interest.
  • ExxonMobil and Drillsearch will cooperator in regional geoscience studies.

Commenting on this farmout, Drillsearch's Managing Director, Mr. Philip Kelso, said:

"This farmout to ExxonMobil is the first major milestone for our Bonaparte Gulf projects. ExxonMobil's involvement is a vote of confidence in the geoscientific work undertaken by our technical team in the Bonaparte Gulf and on this prospect.

Success with Marina 1 will catapult Drillsearch into the middle rank of Australian petroleum companies."

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