This is the first of 7-9 wells expected to be drilling in this prospective area with the drilling rig that drilled the BML 28-1 well being mobilized to the second location in the Hornets Nest prospect. This second well, the State Lease No. 18041 well is currently drilling at approximately 3,200 feet MD and will be drilled to a total depth of approximately 11,750 feet. The Company owns a 92% working interest in the well.
The BML No. 7-4 well on the Dionysus prospect has also been drilled to its total depth of approximately 9,000 feet MD and is awaiting completion.
The rig utilized to drill the BML No. 7-4 well has been mobilized to the Lucille Prejean No. 1 well on the South Apollo prospect and will drill an 11,500 foot test well to test the Cris "I" sand interval. The rig is on location and is expected to spud within the next two days.
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 approximately 8,000 square miles of 3-D seismic data. For 2004, the Company's Board of Directors has authorized an increase in the Company's capital expenditure budget to $135 million.
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