Mariner Energy Announces Deepwater Discovery at Lucius (Keathley Canyon Block 875), Encountering More Than 600 Feet of Net Pay
January 27 2010 - 11:09AM
Marketwired
Mariner Energy, Inc. (NYSE: ME) today announced drilling success at
the Lucius-1 ST-1 exploration well on Keathley Canyon Block 875.
The sidetrack well was drilled to a total depth of about 20,600
feet in water depths of approximately 7,100 feet, logging almost
600 feet of high-quality oil pay with additional gas-condensate pay
in thick Pliocene and Miocene sandstones. Mariner holds a 16.67%
working interest in the project, with Anadarko Petroleum Company
(NYSE: APC), the operator, holding 50% and Plains Exploration &
Production Company (NYSE: PXP) holding a 33.33% working interest.
Scott D. Josey, Chairman, Chief Executive Officer, and
President, said, "The Lucius discovery is further evidence of the
significant value in Mariner's deepwater prospect inventory. We
look forward to working with our partners in further appraisal of
the field and evaluating development concepts for this very
significant project."
The initial wellbore, Lucius-1, reached a target depth of about
20,000 feet in December 2009 and encountered more than 200 feet of
net pay. Lucius-1 ST-1 was drilled as an updip sidetrack,
approximately 3,200 feet due south of the discovery well.
At year-end 2009 Mariner owned interests in nearly 100 deepwater
blocks. Following drilling activities at Lucius, the rig is
expected to move to Green Canyon 903 to drill the first appraisal
well at Heidelberg, where Mariner holds a 12.5% working
interest.
About Mariner Energy, Inc.
Mariner Energy is an independent oil and gas exploration,
development, and production company headquartered in Houston,
Texas, with principal operations in the Permian Basin, Gulf of
Mexico and South Texas. For more information about Mariner, visit
the company's website at www.mariner-energy.com.
Important Information Concerning Forward-looking Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical facts, that address activities
that Mariner assumes, plans, expects, believes, projects, estimates
or anticipates (and other similar expressions) will, should or may
occur in the future are forward-looking statements. Our
forward-looking statements generally are accompanied by words such
as "may", "will", "estimate", "project", "predict", "believe",
"expect", "anticipate", "potential", "plan", "goal" or other words
that convey the uncertainty of future events or outcomes. Mariner
cautions that its forward-looking statements are subject to all of
the risks and uncertainties normally incident to the exploration
for and development, production and sale of oil and natural gas.
These risks include, but are not limited to, price volatility or
inflation, environmental risks, drilling and other operating risks,
regulatory changes, the uncertainty inherent in estimating future
oil and gas production or reserves, and other risks described in
Mariner's latest Annual Report on Form 10-K and other documents
filed by Mariner with the Securities and Exchange Commission (SEC).
Any of these factors could cause Mariner's actual results and plans
to differ materially from those in the forward-looking statements.
Investors are urged to read Mariner's latest Annual Report on
Form10-K and other documents filed by Mariner with the SEC.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities of Mariner.
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