Eugene Island 277 is located about 130 miles southwest of New Orleans, LA in 165 feet of water. The #A-3 sidetrack well was drilled directionally to a true vertical depth of 12,295 feet (14,430 feet measured depth). The Company had previously announced that it encountered two pay intervals above 10,000 feet, and with continued drilling to test the primary objectives, the well penetrated four additional productive intervals. In total, the well encountered 140 net feet of apparent oil and natural gas pay. EPL is the operator of the block and holds a 50% working interest; Cabot Oil and Gas and Palace Exploration each hold a 25% working interest. The well is being completed initially in the deepest interval and, following facility upgrades, production is expected by the end of the year.
The South Timbalier 26 #G-2 well, also known as Mossy Creek #2, reached a true vertical depth of 10,640 feet (11,965 feet measured depth) and logged 200 net feet of apparent oil and natural gas pay in seven intervals. EPL is the operator of the project, which is a follow-up to the original Mossy Creek discovery of late 2003, and the Company has a 100% working interest. The rig is currently installing a dual completion and production is expected in the first half of May.
The South Pass 11 #192 well, known as Mesa Verde North, was drilled as a straight hole to a depth of 13,300 feet and encountered 22 feet of apparent pay in a single interval. The well was drilled in 8 feet of water at the northern end of the Company's East Bay field, near the mouth of the Mississippi River 80 miles southeast of New Orleans. EPL is the operator and holds a 67% working interest in the project, and Newfield Exploration Co. (NYSE:NFX) holds the remaining 33%. EPL said it expects to commence production from the #192 well before the end of April.
Richard A. Bachmann, EPL's Founder, President, Chairman and CEO, commented, "We are pleased to report our fourth success out of four exploratory wells drilled in 2004 as well as our ongoing success in both East Bay and Greater Bay Marchand. We are particularly encouraged by our success at Eugene Island 277, because we plan to follow up our initial success with at least two more exploratory tests this year. As we enter the second quarter we are well on our way to our target of 26 to 30 exploratory wells in 2004."
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