Spinnaker Exploration provides a summary of its activities related to OCS Sale #196,
held on August 17th, covering tracts offered in the Western Gulf of Mexico by
the Minerals Management Service (MMS). Preliminary results were announced by
the MMS in New Orleans. Apparent High Bids (AHB) give the bidding party
priority in award of offered tracts, however under certain circumstances, the
MMS retains the right to reject all bids for a given tract. The MMS review
process can take up to 90 days.
Spinnaker participated in 17 bids of which 16 were AHBs; 13 in the deep
water and 3 on the shelf. Spinnaker's net exposure to the AHBs is
approximately $10.4 million.
Spinnaker's working interest averages 90% in the AHBs and the Company will
serve as operator on 15 of the 16 blocks represented by the AHBs.
The AHBs represent approximately 92,160 gross acres and 82,940 acres net
to Spinnaker. This would bring Spinnaker's holdings in the Gulf of Mexico to
approximately 1,748,000 gross acres and 994,700 net acres, respectively.
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