The company has also provided an update on its current drilling program. Listed in the table below are wells currently drilling or completing, along with wells that are scheduled to be drilled in the near term.
Prospect Category W.I.% Status/Spud Date Operator Offshore S. Marsh Island 24 A-3 Development 45 Producing Remington West Cameron 170 D-1st Development 100 Producing Remington West Cameron 458 D-3 Development 60 Completing Remington West Cameron 458 D-4 Exploratory 60 Completing Remington East Cameron 282 #1 Exploratory 57.5 Discovery Remington East Cameron 364 A-3 Exploratory 75 P&A Remington West Cameron 170 #8 Exploratory 75 Drilling @ 14,400' Remington South Timbalier 138 #1 Exploratory 50 Drilling @ 1,000' Remington Vermilion 195 #1 Exploratory 60 Drilling @ 500' Remington Vermilion 187 #1 Exploratory 60 October Remington S. Marsh Island 80 Exploratory 60 September Remington
At the Company's West Cameron Block 457/458 project area, drilling operations on the 458 D-3 and D-4 have been concluded. The D-3 and D-4 wells will now be batch completed and are both expected to commence production by the end of September or early October. Remington operates West Cameron 458 Field and owns a 60% working interest. Magnum Hunter Resources owns the remaining 40% working interest.
Remington has made a new field discovery at East Cameron Block 282 #1. This exploratory well was drilled to 13,923 feet and wireline logged apparent gas pay in a single sand unit. First production from this block is expected in the first quarter 2005 following the installation of the platform, pipeline, and completion of the existing well. Additional drilling from this platform is expected. Remington operates East Cameron Block 282 and owns a 57.5% working interest. Magnum Hunter Resources owns a 30% working interest and Forest Oil owns the remaining 12.5% working interest.
An unsuccessful exploratory well was drilled by the company at East Cameron Block 364 A-3. This well was drilled to 9,332 feet and encountered water bearing sands at the geologic objective. The well has been plugged and abandoned. Remington operated this well with a 75% working interest. Pre- tax, approximately $2.2 million dollars net to the company was spent on this well.
The Company is currently drilling two high potential, high risk deep shelf exploratory wells at West Cameron 170 #8 and at South Timbalier 138 #1. Near term drilling includes three moderate risk exploratory wells at Vermilion 195 #1, Vermilion 187 #1, and South Marsh Island 80.
In preparation for Hurricane Ivan, Remington is in the process of evacuating all personnel from four drilling operations currently underway and all personnel from its operated platforms. Production from nearly all Remington operated and non-operated platforms in the central Gulf of Mexico is expected to be shut-in as a result of Hurricane Ivan. The total impact of the hurricane will not be known for several days.
James A. Watt, Chairman and CEO, stated, "To date in 2004, we have drilled 16 exploratory wells, with 12 successful, for a 75% success rate. Overall we have drilled 22 wells, with 17 successful, for a 77% success rate. We expect to drill several moderate and high potential wells prior to year end 2004."
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