Spinnaker participated in AHBs on a total of 20 blocks; 19 in the deep water and 1 on the shelf. Spinnaker's net exposure to the AHBs is approximately $17.8 million.
Spinnaker's working interest averages 46% in the AHBs and the Company will serve as operator on five of the 20 blocks represented by the AHBs.
The AHBs represent approximately 112,000 gross acres and 52,000 acres net to Spinnaker. This would bring Spinnaker's holdings in the Gulf of Mexico to approximately 1,689,000 gross acres and 952,247 net acres, respectively.
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