At South Timbalier 41, EPL drilled the #3 well to 19,745 feet measured depth (18,950 vertical depth) and encountered apparent oil and natural gas pay in five intervals. The well was drilled by the GSF High Island VIII jackup. All of the apparent productive intervals are in a separate fault block from the productive intervals in the previous wells on the block. The Company and its partner, Kerr-McGee, are currently developing plans for the optimal timing and location of subsequent wells to properly exploit the reserves discovered in this new fault block. EPL is the operator of South Timbalier 41 with a 60% working interest, and Kerr McGee holds the remaining 40%.
In the area of the East Bay field, the West Delta 53 #1 well testing the prospect known as Teal was drilled to 8,601 feet measured depth (8,272 feet vertical depth) and encountered apparent oil and natural gas pay in three intervals. EPL is the operator of the well and holds a 67% working interest, and Forest Oil owns the remaining 33% interest. Initial production is expected in the second quarter of the year.
At Eugene Island 277, EPL drilled the #5 well to 14,295 feet measured depth (12,789 feet vertical depth) and encountered apparent natural gas pay in two intervals. The well was drilled using Pride Offshore's jackup, Pride Georgia. The Company plans to install a structure in the second half of the year to support production from the #5 well and an earlier success, the #4 well. EPL is the operator and holds a 67% working interest in both wells.
In EPL's onshore south Louisiana area, the Company has drilled two additional exploratory successes, bringing the total since closing its acquisition in the area to three discoveries in four exploratory attempts.
Richard A. Bachmann, EPL's Chairman, President, and CEO, remarked, "So far this year, we have nine exploratory discoveries in twelve attempts. As we close out the first quarter, we are pleased to be on track, both onshore and offshore, towards meeting our goal of 50 exploratory wells in 2005. In particular, we are excited by the results with the #3 well at South Timbalier 41, as this well has proven new reserves in a fault block that has never before been tested. While additional drilling will be required to determine the extent of these new reservoirs, establishing hydrocarbons beyond the initial fault block in the area is very encouraging."
EPL currently has exploratory tests underway in the following locations: Galveston 341, Eugene Island 27, East Cameron 111, Eugene Island 277, West Delta 51 and three additional onshore locations. The Company also said it has had five successful development wells thus far in 2005, two offshore and three onshore in south Louisiana.
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