Rocksource Spins Bit at Phoenix Prospect

- Rocksource Spins Bit at Phoenix Prospect

Thursday, September 08, 2011
Rocksource ASA

Rocksource announced that the drilling rig Borgland Dolphin has commenced drilling on the Phoenix prospect in PL 559 in the Norwegian Sea.

The PL 559 partnership consists of Rocksource (Operator and 60 percent working interest), VNG (30 percent) and Skagen44 (10 percent).

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Phoenix Reaches TD at Marathon Well

- Phoenix Reaches TD at Marathon Well

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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Phoenix Drills Ahead at Marathon Well

- Phoenix Drills Ahead at Marathon Well

Wednesday, July 13, 2011
Petsec Energy Ltd.

Petsec advised that as at July 12, 2011, the Marathon #2 well had reached a measured depth of 18,845 feet (5,744 meters), 7 inch liner had been set and preparations were being made to drill ahead. The well is projected to reach its total depth of 21,000 feet (6,500 meters) within approximately 2 weeks.

The Marathon #2 well is a follow up to the successful #1 well and is situated in approximately 8 feet (2.4 meters) water depth and is located approximately 900 meters from the #1 well location. The #2 well is designed to serve as a development well for the field as well as to test deeper exploratory reserve potential on the Marathon structure.

Participating working interests in the well are:

• Petsec Energy Ltd 8%
• Phoenix Exploration Company LP (operator) 65%
• Private Companies 27%

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Phoenix Spuds Well in Atchafalaya Bay

Phoenix Spuds Well in Atchafalaya Bay

Friday, April 08, 2011

Petsec Energy Ltd.

Petsec advised that the Marathon #2 well has been spud in the shallow waters of the Atchafalaya Bay along the Louisiana Gulf Coast, USA. Phoenix Exploration is the operator and the well has spud on 5th April using the Parker 54B drilling rig.

The second Marathon well is a follow up to the successful #1 well which was brought into production in late 2010 and is consistently producing at rates of over 20 million cubic feet of gas and 120 barrels of condensate per day.

The 21,000 feet (6,500 meters) Marathon #2 well is situated in approximately 8 feet (2.4 meters) water depth and is located approximately 900 meters from the #1 well location. The #2 well is designed to serve as a development well for the field as well as to test deeper exploratory reserve potential on the Marathon structure. Drilling operations are expected to take 121 days to reach total depth, log and case. Petsec's estimated net cost to drill, log and case is US $1.3 million.

• Participating working interests in the well are:
  • Petsec Energy Ltd 8%
  • Phoenix Exploration Company LP (operator) 65%
  • Private Companies 27%