Gulf of Mexico - Shelf
Main Pass Block 288. Since the third quarter of 2003, Stone has drilled five successful wells and performed one workover in the Main Pass Block 288 Field bringing total daily production from the "A" platform from 566 barrels of oil and 0.3 MMcf of gas prior to rig arrival to current daily production of 3,300 barrels of oil and 4.6 MMcf of gas.
During 2004, Stone has drilled and evaluated two wells in this field. The No. A-15 STK Well on the Madison Prospect, drilled to a measured depth (MD) of 6,924 feet (3,904 feet true vertical depth (TVD)), and found 102 feet MD (38 feet of true vertical thickness (TVT)) of gas pay in the shallowest field producing sand. The well tested at a rate of 3.1 MMcf of gas and is shut-in awaiting additional pipeline capacity. The second well evaluated this year, the No. A-13 STK Well on the Adams Prospect, drilled to a total depth of 9,927 feet MD (6,525 feet TVD) and encountered 113 feet MD (64 feet TVT) of oil pay in two sands. These two sands represent the deepest field pays developed to date on Main Pass Block 288. The No. A-13 STK Well was subsequently sidetracked to test the two intervals in an updip position and to target a shallower sand. The No. A-13 STK2 Well encountered gas in the deeper section and 75 feet MD (40 feet TVT) of oil pay in the shallower sand. The No. A-13 STK2 Well was placed on production in May and tested at an initial daily rate of 918 barrels of oil and 577 Mcf of gas. A subsequent well is planned to target the two deep oil sands in a more favorable drainage position. Stone has a 100% working interest (WI) and an 88.3% net revenue interest (NRI) in these wells.
South Pelto Block 22. The four-pile "B" platform and the monopod "A" facility have been installed on South Pelto Block 22. The No. 3 Well began producing from the "B" platform on April 13th and is currently flowing at a gross daily rate of 4.0 MMcf and 1,158 barrels of oil. The No. A-1 and No. A-2 Wells (formerly No. 2 and No. 5), on the "A" structure, are having their pipeline risers tied in and are expected to commence production in mid-May. Stone has a 50% WI and 40.7% NRI in these wells.
Mississippi Canyon Block 109 Field. During the first quarter of 2004, the No. A-24 STK3 Well, a replacement for the damaged No. A-24 STK2 wellbore, was drilled and completed. The well logged 196 feet MD (100 feet TVT) of oil and gas pay in three sands. The well was completed in the deepest sand and is currently flowing at gross rate of 9.8 MMcf of gas and 53 barrels of condensate per day. Stone has a 33% WI and a 27.5% NRI in the No. A-24 STK3 Well. Drilling operations are underway on the Mississippi Canyon Block 108 No. A-27 STK Well. Stone has a 16.5% WI and a 13.8% NRI in the A-27 STK Well. Several additional drilling projects are planned for 2004 in this field.
Ewing Bank Block 305. The drilling and workover program that began in the third quarter of 2003 is ongoing. The No A-12 STK Well on the Mont Prospect proved to be non-commercial. Drilling is in progress on the No. A-10 STK1 Well on the Dujour Prospect to a proposed total depth of 14,507 feet MD (14,115 feet TVD) with a drilling liner set at 11,748 feet MD. The No. A-10 STK Well has encountered oil and gas pay in three field pay sands. To date, the rig program has resulted in one successful workover, three successful wells and one dry hole. Three additional workovers/recompletions are planned for this program. Stone has a 100% WI and an 80.6% NRI in the Ewing Bank Block 305 Field.
South Marsh Island Block 288. The No. CD-1 STK Well was drilled to a total depth of 16,717 feet MD (16,219 feet TVD) and encountered 61 feet MD (59 feet TVT) of gas pay in two geopressured zones. The well has been completed and is currently producing at a gross rate of 3.3 MMcf of gas and 600 barrels of oil per day. Stone has a 50% WI and 41.7% NRI in this non- operated well. A second well, the No. CB-1 STK Well, drilled to a total depth of 14,494 feet MD and has been plugged and abandoned. Stone had a weighted average WI of 58% in the No. CB-1 STK Well.
South Timbalier Block 8. The initial test of the SL 15307 No. 3 Well on the Spoonbill Prospect reached a total depth of 16,000 feet MD (15,997 feet TVD) on March 19, 2004. The well tested a large structural closure in 15 feet of water, less than three miles from the Louisiana Coast. The first sand target was shaled out. The second objective had 250 feet of wet Miocene sands. The well was plugged and abandoned. Stone had a 100% WI in this well.
Gulf of Mexico - Deep Water
Mississippi Canyon Block 291. The No. 1 Well on the Nelson Prospect, at a location in 3,908 feet of water, is expected to spud during May 2004. This well will be drilled at an open water location to a proposed depth of 11,600 feet MD. Stone has a 50% WI in this non-operated well.
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