Listed in the table below are wells currently drilling or completing, along with wells that are scheduled to be drilled in the near term. Wells marked with an asterisk are discussed in more detail following the table.
Prospect Category W.I.% Status/Spud Date Operator Offshore Vermilion 241 #1* Exploratory 50 Completing Remington Main Pass 234 #1* Exploratory 50 Temporarily Abandoned Remington Ship Shoal 165 #1* Exploratory 50 Plugged and Abandoned Remington S. Marsh Island 113 #1 Exploratory 50 Drilling @ 4,000' Remington West Cameron 398 B-1 Development 60 Completing Remington West Cameron 398 B-2 Development 60 Drilling @ 4,500' Remington S. Marsh Island 24 #2 Development 45 May Remington West Cameron 170 #8 Exploratory 42 June NEXEN
Remington has made a new field discovery at Vermilion Block 241. This exploratory well was drilled to 11,120 feet and wireline logged apparent gas pay in two sand packages. This well is currently being completed to be followed by installation of a caisson structure. Production is expected to commence in the fourth quarter of 2004. Remington operates Vermilion Block 241 and owns a 50% working interest. Magnum Hunter Resources owns the remaining 50% working interest.
Remington participated with a 25 percent non-operated working interest in the drilling of an exploratory well located at Main Pass Block 234. This well was drilled to 14,650 feet and identified two potentially productive sands. Upon reaching production casing point, the operator elected not to participate in the completion of the well and Remington took over operations and increased its working interest to 50 percent. We have run production casing and temporarily abandoned this well awaiting future drilling to be conducted on an adjacent block by the Company and its partner. Additional operations in the Main Pass area are expected to commence this summer.
The Company's Ship Shoal 165 #1 exploratory well was drilled to 13,270 feet and failed to discover sufficient quantities of hydrocarbons to justify development. This well has been plugged and abandoned. Remington owns a 50 percent working interest. Magnum Hunter Resources owns the remaining 50% working interest.
Remington's production for the first quarter of 2004 was 8.1 billion cubic feet of gas equivalents. This was 14% above the same quarter of 2003. The Company's current net daily production is approximately 110 million cubic feet of gas equivalents per day. We have five development projects underway that are scheduled to commence production over the next five months. Estimated additional production from these five developments along with our existing base production yields production estimates for the total of the second and third quarters between 20 and 21 billion cubic feet of gas equivalents. Estimates for the next two quarters of 2004 are 11% to 16% above the same quarters in 2003, when we produced 18.1 billion cubic feet of gas equivalents, providing visibility for our targeted 15% increase in production volumes for 2004 over 2003 levels.
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