The Company has mobilized the drilling rig from the BML 5 No. 1 location to the BML No. 8-1 location on its Gorgon prospect. The well has been spud and will be drilled to a total depth of approximately 9,300 feet MD. Drilling and completion operations on the BML No. 8-1 well are expected to take approximately 30 days. The Company holds a 92% working interest in this well also.
In addition, drilling operations continue on the BML No. 7-1 sidetrack, the Enterprise - Hosemann No. 1 and the North Turtle Bayou - CL & F No. A-2 wells. In the Weeks Island field, the Company expects to resume operations on the Goodrich-Cocke No.10 well on the Camille prospect within the next 10-15 days. Upon completion of operations on the Goodrich-Cocke No.10 well, it is anticipated that the rig will move to the Company's Biloxi Marshlands project area bringing the number of rigs drilling in this area to three by the fourth quarter.
Meridian continues to focus on its exploration and exploitation of the BML project area in addition to the development of its Weeks Island field and its other properties which comprise an asset base consisting of over 8,000 square miles of 3-D seismic data. The Company plans to increase its 2004 capital expenditures budget by approximately 15% from $95 million to as much as $110 million.
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