Offshore staff

CISCO, Texas -- The Madfish-1 well in the Gippsland basin is rigging up to run wireline logs with possible estimated mean reserves of approximately 33 MMbbl of oil.

The semisubmersible Ocean Patriot spudded the well on Nov. 27, targeting possible mean reserves of approximately 33.6 to 41.7 MMbbl of oil.

The Madfish-1 well will be followed by the Elver-1 prospect, which will target possible mean oil reserves of approximately 39.5 to 51.3 MMbbl respectively, according to Australian-Canadian Oil Royalties (ACOR).

The Madfish-1 well is in about 1,279 ft (390 m) of water and has a planned total depth of approximately 9,284 ft (2,829 m) while the Elver-1 prospect has a planned total depth of approximately 10,334 ft (3,150 m).

12/18/2008