Energy Partners Places South Pass 27 Well on Production


South Pass OCS
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Energy Partners Limited reports that at South Pass 27 in the Company's East Bay field, the #92 exploratory well targeting the prospect known as Pinnacle was successful. EPL drilled the well to a vertical depth of 11,160 feet (11,743 feet measured depth) and encountered oil and natural gas pay in three sands. The well has recently been placed on production and is currently producing 5.4 million cubic feet of natural gas and 290 barrels of condensate a day. EPL holds a 100% working interest in the well.

At the East Buck Point prospect in Vermilion Parish, Louisiana, the Company has temporarily abandoned the State Lease 17826 #1 well pending evaluation of a future sidetrack. EPL had earlier announced that the primary target of the well was dry, but that the Company and its partners would attempt to complete the well in a secondary objective. During completion operations, a casing failure occurred and the Company and its partners determined that further investment in the completion attempt was not justified. EPL was the operator of the completion attempt with a 36% working interest, and the Company expects to recognize approximately $2 million in dry hole expense in the third quarter associated with this well.

The Company also determined that the East Cameron 43 #1 exploratory well did not encounter commercial quantities of hydrocarbons. EPL is the operator of the well, which was drilled directionally to a vertical depth of 12,900 feet (14,270 feet measured depth), and holds a 43.75% working interest. Mariner Energy, Inc. holds a 43.75% working interest and Vintage Petroleum Inc. (NYSE: VPI) holds the remaining 12.5% working interest. The Company is currently suspending the well pending evaluation of sidetrack opportunities and expects to recognize approximately $2.2 million in dry hole expense in the third quarter associated with the well.

At West Cameron 204, the #1 exploratory well was a dry hole. The well was drilled directionally to a total depth of 8,742 feet (10,092 feet measured depth) and penetrated the primary objective, but the formation did not contain hydrocarbons. EPL holds a 50% working interest in the well, while Mariner Energy, Inc., the operator, holds the remaining 50% working interest. The well is currently being plugged and abandoned, and EPL expects to recognize dry hole expense of approximately $1.2 million in the third quarter for the well.

At Matagorda Island 639, the #1 exploratory well has penetrated a number of apparent pay sands, and EPL, the operator, is currently suspending the well in preparation for a future sidetrack to test deeper objectives. After suspending the well, the Company plans to skid the rig and spud a follow-up exploratory well on Matagorda Island 640. EPL holds a 50% working interest in the well and Vintage Petroleum Inc. (NYSE: VPI) holds a 25% interest.

EPL currently has exploratory operations underway in two additional locations: South Timbalier 46 #1 (100% working interest) and South Marsh Island 192 #A-2 (17% working interest). At South Timbalier 41 #3 (60% working interest), the Company has temporarily suspended the well after encountering mechanical difficulties and plans to re-enter the well later in the year.
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