Marina-1 is targeting 200-235 million barrels of oil in place in three potential reservoir intervals and could also find gas.

It will drill through the late Permian Hyland Bay formation, the early Permian Keyling formation and the late Carboniferous upper Kuriyippi formation.

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

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 this 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.