The #2 well was drilled to a depth of 16,679 feet true vertical depth (17,478 feet measured depth) and logged 135 feet of apparent oil and gas pay in a total of six intervals. The well had two primary objectives, both of which were successful: a development objective to delineate reservoirs encountered in the #1 well, and an exploratory objective to test deeper sands. The well is currently being completed in the deepest zone, and initial production is expected in the second half of 2004. EPL is the operator of the well and owns a 60% working interest. Westport Resources Corporation (NYSE:WRC) holds the remaining 40% working interest. After completing the South Timbalier 41 #2 well, EPL plans to move the rig to another location on the same block to spud the South Timbalier 41 #3 exploratory well which will test an adjacent fault block. As many as two additional wells could be drilled to further delineate the initial two discoveries. This is EPL's sixth successful exploratory well of seven drilled in 2004.
Richard A. Bachmann, Founder, Chairman, President and CEO commented, "We are very pleased with the results of our first follow-up well at South Timbalier 41. You may recall that our Rock Creek discovery on the block in late 2003 was one of the most significant discoveries in our history. The development portion of the well exceeded our expectations and the deeper exploratory portion of the well proved-up additional reserves and indicates even further upside potential deeper on the block. We will move forward immediately with our next exploratory well on the block and then do additional delineation drilling. Our initial Rock Creek discovery well recently went on production and is producing at a gross rate of 11.5 million cubic feet of natural gas and 450 barrels of condensate per day. This latest discovery in the Greater Bay Marchand area further confirms the key role this core operating region will continue to play in our future."
The Company also said that it currently has exploratory tests underway in the Gulf of Mexico at East Cameron 43, Eugene Island 242, High Island 56L, High Island A-6 and at East Buck Point in Vermilion Parish, Louisiana.
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