At the Central Gulf of Mexico Lease Sale, the total of EPL's bids on the eight blocks, net to the Company's interest, was approximately $3 million. The eight blocks cover approximately 35,000 gross acres, and all of the blocks are in 200 feet of water or less. The Minerals Management Service is currently evaluating the high bids and will accept or reject the bids in the coming months. The eight blocks with EPL as high bidder and EPL's interest in those blocks are:
EPL Working OCS Block Interest % --------- ---------- Eugene Island 52 38% Eugene Island 248 100% Ship Shoal 115 100% South Marsh Island 79 100% South Timbalier 42 60% Vermilion 237 100% West Cameron 145 43% West Cameron 242 75%
South Timbalier 42 is immediately east of South Timbalier 41, the location of EPL's "Rock Creek" discovery late in 2003, and Eugene Island 248 is immediately east of Eugene Island 247, a currently producing block for the Company. EPL expects to be operator of at least six of the eight blocks and also expects that prospects on a number of the blocks will be included in its 2004 exploratory drilling program.
The Company's success at the Peregrine prospect in South Pass 27 was the third successful exploratory well of 2004. The South Pass 27 # 98 Sidetrack is located in 62 feet of water approximately 85 miles southeast of New Orleans, in the southern portion of the Company's East Bay Field. The well was drilled directionally to a measured depth of 10,840 feet (10,174 feet TVD) and encountered 56 net feet of apparent oil and natural gas pay. Completion operations are currently underway, and the Company expects the well to be online by the end of April 2004. EPL is the operator and holds a 100% working interest in the well.
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