Wednesday, August 31, 2011
Petsec Energy Ltd.
Petsec advised that the Marathon #2 well was drilled to a total depth of 21,160 feet (6,450 meters) and electric logging was completed. The well is a follow up to the successful #1 well and is situated in 8 feet (2.4 meters) of water approximately 900 meters from the #1 well location. The #2 well was designed to serve as a development well for the field in addition to testing deeper, previously undrilled exploratory reserve potential on the Marathon structure.
The #2 well confirmed the gas productive reservoirs found in the # 1 well, extending the known field pays across the structure. The deeper, exploratory section of the well was found to contain noncommercial hydrocarbons and as a result the well will be completed for production in one of the upper pay sands. Production is expected to commence in the fourth quarter of 2011.
Participating working interests in the well are:
- Petsec Energy Ltd 8%
- Phoenix Exploration Company LP (operator) 65%
- Private Companies 27%
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