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yielded a surprise for drillers - a thick hydrocarbon-rich sand section not previously known to yield such potential reserves. The promise of this Lower Tertiary sand section, called the Wilcox trend, in ultra-deepwater Gulf of Mexico (GOM) continues to be encouraging with the recent announcement of dis- coveries on BHP Billiton's Cascade prospect (located in 8,200 ft. of water) and Chevron/Devon's Jack prospect (located in 7,000 ft. of water). The Wilcox trend was deposited as sands of a delta in the Lower Tertiary epoch. Both the Miocene epoch (which started 23 million years ago) and the Lower Tertiary (from 66 to 38 million years ago) are part of the Cenozoic period — the most recent of the three major subdivisions of geologic history. Some scientists believe the Wilcox trend may cover 34,000 sq. mi. and hold up to 15 bil- lion barrels of recoverable oil reserves. These discoveries and earlier Lower Tertiary finds have spurred great interest for prospects in the area. Recent lease sales in the Western GOM have seen strong bidding activ- ity. The announcement of royalty relief for ultra-deepwater discoveries has also made the area more attrac- tive. The interest in ultra-deepwater exploration is likely to continue to increase as more is discovered about this potentially world-class reservoir. (Source: MMS Ocean Science, March/April 2006) Fiber Optical Rotary Joints for Offshore A compact 4 to 21 pass fiber optic rotary joint from Schleifring for Single and Multi Mode fibers in an EExd certified stainless steel housing facilitates the transmission of electri- cal signals and Databus-signals even under most demanding use in offshore applications. The technical features - pas- sive, bidirec- tional and unaffected by EMI, EMP and ESD - allow for the transfer of data rates up to 10 GBit/s even under extreme environ- mental conditions or in explosive atmosphere. An integrated connector box allows the access of customized reinforced cables and connection with the Fiber Optical Rotary Joint by FC-connectors. Island Oil & Gas Begins Drilling Operations Island Oil & Gas has spudded well 48/23-3 at Seven Heads West in the Celtic Sea offshore Ireland. The well is the first in its planned 2006 and 2007 drilling programs. Well 48/23-3 is designed to appraise a possible extension of the Upper Wealden gas sands that are producing gas in the 48/24-6 production well immediately to the east. The well, which is in a water depth of 329 ft., will be drilled to a planned total depth of 3,200 ft. TVD ss. Island concluded a Sub- Area Equity Interest Assignment Agreement for the Seven Heads West area with Marathon International Petroleum Hibernia Limited, through its wholly-owned subsidiary Marathon Seven Heads Limited (for- merly Ramco Celtic Sea Ltd.) in February 2006. Under the Agreement, Island will fund 100% of the cost of the current well, including testing, in return for increasing its equity interest in the Seven Heads West, Sub-Area, from 12.5% to 55.75%. Island will operate the well during the drilling period but opera- torship will revert back to Marathon once the drilling of the well has been completed. Well 48/23-3 is being drilled using the semi-submersible drilling unit, Petrolia, owned and operated by Petrolia Drilling Limited, under contract to Island. Subject to regulatory consents and approvals, Island intends to move the rig after the completion of the 48/23-3 well to EXMAR Considers Separate Listing of Offshore Division EXMAR signed a Letter Of Intent with Kiewit Offshore Services (USA) for the con- struction of one semi submersible hull, with an option for one additional unit. The semi submersible hull will be based on the EXMAR OPTI design. The semi submersible hull will be the platform of the floating production facility, OPTI-EX, developed by EXMAR. EXMAR has commissioned Mustang Engineering to design the production plant of the OPTI-EX. The main design parameters for the OPTI-EX are such that the unit will be generic, modular and re-deployable. The delivery of the first hull is planned in July 2008. Simultaneously with the con- struction of the hull, the production plant will be engineered and integrated, in order to have a fully commissioned and operational OPTI-EX by third quarter 2008. The investment for the OPTI-EX is estimated to be approximately $250m. The main market target will be the deepwater GOM, although West Africa, Brazil and South East Asia have potential deepwater developments suitable for the OPTI-EX. Production of oil and gas will inevitably move to deeper water and smaller fields. With oil and gas demand remaining strong, the EXMAR OPTI-EX will be the perfect tool to develop these reservoirs. Following EXMAR's ambition to explore a separate listing of its offshore business, EXMAR has decided to engage DnB NOR Markets as financial adviser to review and explore the company's strategic and financial options. www.seadiscovery.com Marine Technology Reporter 45 MT83MT67MT72MT76MT69MT73MT70MT82MT73MT78MT71 MTR#6 (33-48).qxd 7/11/2006 9:15 AM Page 45
