At Eugene Island 242, EPL drilled the #J-4 well to a true vertical depth of 6,615 feet (8,809 feet measured depth) and penetrated 40 net feet of apparent gas pay in two intervals. EPL is the operator of this well, located in 156 feet of water approximately 140 miles southwest of New Orleans, Louisiana, and holds a 100% working interest. The well was drilled from EPL's existing Eugene Island 247 platform and will be placed on production by the end of August.
The High Island 56L #1 well, located in 45 feet of water approximately 65 miles east-southeast of Houston, Texas, was drilled as a straight hole to a depth of 8,220 feet and encountered 14 feet of apparent pay in the target objective. The well will be tied back to a recently acquired platform on High Island 55L, and production is expected in the third quarter of 2004. This most recent discovery marks the fourth successful exploratory well in the High Island 55L/56L area. EPL holds a 35% working interest in the well, and Vintage Petroleum, Inc., the operator, holds the remaining 65% working interest.
At East Buck Point in Vermilion Parish, Louisiana, the State Lease 17826 #1 well was drilled as a straight hole to the objective depth of 17,200 feet. The primary objective of the well was determined to be non-productive, however 16 feet of apparent natural gas pay was encountered in a sand immediately above the primary objective at 16,380 feet. Current plans are to complete the well in this interval and to test it to determine its commerciality. EPL holds a 36% working interest in the project; Browning Oil Company, Inc. holds a 29% working interest, and Waveland Energy Partners, LLC holds an 18% working interest.
EPL currently has exploratory drilling operations underway at four locations: East Cameron 43, High Island A-6, South Pass 27 in East Bay, and South Marsh Island 192.
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