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 West Cameron 170 #8 Exploratory 74 Temporarily Abandoned Remington West Cameron 347 A-2 Exploratory 50 Discovery - Completing Remington East Cameron 346 A-12 Exploratory 75 Drilling @ 6,900' Remington Vermilion 195 #1 Exploratory 60 Discovery Remington Vermilion 187 #1 Exploratory 60 Drilling @ 12,700' Remington South Timbalier 138 #1 Exploratory 50 Logging @ 18,900' Remington East Cameron 235 #1 Exploratory 60 December Remington South Marsh Island 80 #1 Exploratory 60 Q1 2005 Remington South Pass 87-Aquarius Exploratory 33 Q1 2005 Marathon West Cameron 147 #1 Exploratory 75 Q1 2005 Remington
The Company's West Cameron Block 170 #8 well has been temporarily abandoned prior to reaching proposed total depth due to mechanical problems encountered in the deep portion of the well. This well was drilled to 17,100 feet measured depth (proposed total depth 19,200') and logged water bearing sands in one of the exploratory objectives. The deeper exploratory and development objective sections were not reached. The Company is evaluating the best method to redrill the well and test the full objective section. Remington operates West Cameron 170 #8 and owns a 74% working interest. Magnum Hunter Resources owns a 25% working interest.
Remington has made a new fault block discovery at its West Cameron 347 Field. The A-2 well was directionally drilled to 6,940 feet and encountered three productive intervals. Completion operations are underway. Remington operates West Cameron Block 347 and owns a 50% working interest. Magnum Hunter Resources and Forest Oil Corporation each own a 25% interest.
The Company has made a new oil and gas discovery at Vermilion 195 #1. This well has been tested and is awaiting platform and pipeline installation. First production is expected in the first quarter 2005. Remington operates and owns a 60% working interest in Vermilion Block 195. Magnum Hunter Resources owns the remaining 40% working interest.
At South Timbalier 138 #1, we are currently wireline logging the well at a depth of 18,973 feet to verify logging while drilling measurements that indicate multiple, potentially hydrocarbon bearing intervals below
17,500 feet. The wireline logs are necessary to confirm reservoir quality and producibility of the potentially productive intervals. Following the wireline work, casing will be set and the well is to be drilled to the proposed total depth of 20,200 feet. Remington operates and owns a 50% working interest in South Timbalier 138 #1. Magnum Hunter Resources and a privately held company each own a 25% working interest.
Additional wells drilling include the high risk, high potential East Cameron 346 A-12 exploratory well and the moderate risk, moderate potential Vermilion 187 exploratory test. Both wells are expected to be evaluated near year-end.
Remington's fourth quarter production is projected to increase sequentially over third quarter 2004 volumes. However, we are lowering our estimated daily fourth quarter rate to average between 115 to 120 mcfe per day. We still expect double digit production growth over 2003 levels. This decrease in guidance is attributed to delays experienced on pipeline installations on two new field developments and continued pipeline interruptions on an existing producing field. These two developments were scheduled for first production in the fourth quarter and now have been delayed until the end of the year. The Company currently has four development projects scheduled to come online in late December to early January.
James A. Watt, Chairman and CEO, commented, "We were very disappointed that we could not bring on new production that would have allowed us to meet our targeted 15% production growth in 2004 over 2003 levels. These wells should be on line in the first quarter of 2005. Drilling activity remains high and is anticipated to continue at these levels into 2005."
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