HOUSTON, April 11 /PRNewswire/ -- R&B Falcon Corporation (NYSE: FLC)
announced today that its wholly owned subsidiary, Reading & Bates Development
Co. ("DEVCO"), has participated with partners in drilling a successful
appraisal well confirming a substantial natural gas accumulation offshore
Israel. The Mari-B #2 appraisal well was drilled at a crestal location
approximately 1 mile east of the Mari-B #1 well, the discovery well that
encountered over 550 ft. of gas pay in high quality reservoir sand. The Mari-
B #2 well reached a total depth of 6372 ft. in 665 ft. of water. The
appraisal well encountered the top of the pay section approximately 358 ft.
high to the discovery well. The operator reported over 600 ft. of gas pay in
high quality reservoir sand.
The Mari-B #2 well was not tested because a successful test was conducted
in the initial field discovery well. That well tested gas at a rate of
33 million cubic feet of gas per day. The operator estimates that each well
will be capable of producing in excess of 100 million cubic feet of gas per
day through appropriate production facilities.
The large natural gas accumulation encountered in the Mari-B #1 discovery
well and successfully delineated by the Mari-B #2 well is located
approximately nine miles east of the Noa #1 discovery well drilled by DEVCO
and partners in 1999. With the additional information provided by this
successful appraisal well, DEVCO estimates the combined dry gas-in-place at
the Noa and Mari-B accumulations to be approximately 1.5 to 2.0 trillion cubic
feet. The operator has initiated preliminary engineering studies to determine
the optimal development scenario for the Noa/Mari-B area. Discussions are
underway with third parties in Israel to supply natural gas to markets in late
2002 or early 2003.
A delineation well testing the limits of the Noa #1 discovery is scheduled
to be drilled immediately after the Mari-B #2 well.
DEVCO, through its wholly owned subsidiary, RB Mediterranean Ltd., owns a
15% working interest in this project, which consists of 1,062,675 acres
offshore Israel.
Paul B. Loyd, Jr., Chairman of R&B Falcon Corporation said, "The Mari-B #2
confirmation well affirmed the size and potential of this natural gas
accumulation. This is a significant find. The nature of the gas, the
thickness and excellent quality of the reservoir and the proximity of the
accumulation to the Israel markets are all extremely positive factors that
should lead to a very profitable development."
R&B Falcon operates the world's largest fleet of marine-based drilling
rigs servicing the international oil and gas industry. Its fleet is comprised
of 139 marine-based drilling units including the industry's largest fleet of
barge rigs and jackup rigs and a fleet of semisubmersibles and drillships
which is among the most capable in the world. It also operates a leading
fleet of towing vessels. Reading & Bates Development Co. is R&B Falcon's
exploration and production subsidiary.
This press release contains forward looking statements regarding planned
drilling activity, reserves estimates, anticipated development efforts and
production volumes that we believe are reasonable and achievable at this time.
However, reference should be made to the discussion of the various risk
factors to which the Company is subject and which may impact the Company's
business going forward, as more fully set out in the Company's 1999 SEC Form
10-K.
SOURCE R&B Falcon Corporation
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http://www.rbfalcon.com
Company News On-Call:
http://www.prnewswire.com/comp/118988.html or fax,
800-758-5804, ext. 118988
CONTACT:
Charles R. Ofner of R&B Falcon Corporation,
281-496-5000
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