Drillsearch told the market this morning that it had finished all geophysical and geotechnical site surveys at the wellsite and drilling was expected to start when the Premium Wilcraft rig arrives onsite on September 10.

“This high-impact will commence Drillsearch’s exploration and development program in its Bonaparte Gulf permits and will be one of the most significant wells ever drilled by the Drillsearch group,” managing director Philip Kelso said.

The Marina Prospect was identified on seismic surveys undertaken by Drillsearch, after which its technical team followed-up with extensive geoscience work.

Drillsearch has said the prospect has potential for 200-250 million barrels of oil.

Kelso has said Marina-1 would be one of the key wells drilled in Australia this year and success at this well would catapult Drillsearch into the middle rank of Australian petroleum companies.

Exxon agreed in May to farm-in to the WA-318-P to earn a 65% working interest in the permit in exchange for paying 85% of the costs to drill Marina-1. At that point, Exxon will become operator of the permit.

Drillsearch will contribute 15% of the well costs and retain a 35% interest.

Drillsearch has title to three permits in the southern Bonaparte Gulf, including 100% of the Turtle and Barnett oil discoveries in retention leases WA13R and NT/RL3, respectively.

Kelso says the company saw the Bonaparte region as a major opportunity when it bought into Turtle/Barnett in 2004.

These fields lie about 40km offshore in shallow water and are estimated to contain 70-90MMbbl in several zones. The company has also identified significant updip potential at Turtle of around 40MMbbl.