Explorer ‘very encouraged’ by drilling

Gary Park

Petroleum News Calgary correspondent

Canadian Superior Energy has provided one of the rare upbeat messages from offshore Nova Scotia in recent times, reporting “very encouraging” results from its exploration well.

The Mariner I-85 well, about 180 miles southeast of Halifax, reached about 13,120 feet on Jan. 16 and is scheduled to achieve its targeted depth of 18,370 feet about mid-February.

El Paso Oil & Gas Canada, an indirect subsidiary of El Paso Corp., is paying two-thirds of the US$30 million costs in return for a 50 percent stake in the prospect.

The well is testing one of three large structures that have been identified in the Mariner block, which directly offsets the Venture gas field with reserves of 1.6 trillion cubic feet.

Calgary-based Canadian Superior is one of the largest holders of East Coast exploration acreage at 1.29 million acres. Through its wholly owned subsidiary, Canadian Frontier Energy, it received two exploration licenses last month for two parcels acquired for C$12.86 million last June.