Spinnaker Makes Deepwater Discovery at 'Q' Prospect

Spinnaker Exploration has made a natural gas discovery at its "Q" prospect. "Q" is located in Mississippi Canyon Block 961 in 7,925 feet of water, approximately 100 miles southeast of Venice, Louisiana. Spinnaker owns a 50% working interest (44% net revenue interest) in "Q" and is the operator. Dominion Exploration & Production owns the remaining 50% working interest in the project.

In line with pre-drill prognosis, the discovery well found approximately 110 feet of true vertical thickness of pay in a continuous, high quality middle Miocene reservoir at a depth of 17,644 feet. The discovery well is currently being sidetracked to an updip position in the reservoir to test sand continuity. If successful, the sidetrack wellbore will be cased and utilized for production. Spinnaker believes the discovery to be significant to its potential reserves and production.

The field is situated approximately 12 miles west-southwest of the future platform site anticipated for the Independence Hub project. That production facility is currently under construction and will be capable of processing approximately 850 million cubic feet of gas per day. It is anticipated that "Q" will commence production upon the start-up of the Independence Hub in 2007. "Q" is Spinnaker's third discovery in the Independence Hub project area. The Company has previously announced and dedicated the Spiderman and San Jacinto discoveries, which are currently being developed, to the Independence Hub project.
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