Spinnaker Exploration Confirms 'Q' Field and Announces Dry Hole on Korn

Spinnaker Exploration reports that its "Q" discovery located in Mississippi Canyon Block 961 has been confirmed via an updip sidetrack of the discovery well. Spinnaker operates the "Q" discovery with a 50% working interest (WI) and a 44% net revenue interest. Dominion Exploration & Production, Inc., a subsidiary of Dominion, owns the remaining 50% WI in the project.

The discovery well was successfully sidetracked to a position approximately 950 feet updip and 2,000 feet south of the original penetration in the reservoir. Consistent with the pre-drill prognosis, the sidetrack well encountered a gross productive true vertical thickness (TVT) of approximately 111 feet and net pay of approximately 92 feet TVT. Neither well encountered any water in the reservoir and both wells found high sand quality. Following the completion of well operations, including setting production casing, the well will be temporarily abandoned. "Q" will be produced through the Independence Hub production facility to be located in Mississippi Canyon 920. Independence Hub is scheduled for first production in 2007.

Spinnaker also announced that it is plugging and abandoning an exploratory well on the Shelf at its Korn prospect, located in South Timbalier Block 98. The well was drilled to a total depth of 23,080 feet and encountered non- commercial Miocene pays in the prospective interval. Spinnaker operates the Korn prospect with a 37.5% WI and had net exposure in the dry hole of approximately $5.0 million.

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