In addition, the Company has drilled its SL 18157 No. 1 well located on the Menifee Prospect to a depth of approximately 9,000 feet for a Cris "I" sand test. The targeted Cris "I" sand was encountered at approximately 8,000 feet and was logged. Results from the log indicated the targeted sand did not contain hydrocarbons and the well will be plugged and abandoned. In the near term, the rig utilized to drill the Menifee prospect will be mobilized to the Gato del Sol prospect which will be followed by other prospects located primarily in the northeast quadrant of the Biloxi Marshland project area.
In other developments, the Company has begun construction of pipeline and facility tie-ins to service its previously announced Bayou Chene and N.W. Bayou Chene discoveries which were previously tested at combined gross rates of approximately 10.1 million cubic feet of gas equivalent (6.5 Mmcfe, net). The Company expects to place these wells on production during September 2005. In addition, the Company has begun construction of an approximately one mile pipeline to service its previously announced Bayou Gentilly discovery. The Bayou Gentilly well was recently tested at a maximum rate of approximately 9.8 million cubic feet of gas equivalent (6.4 Mmcfe, net). The Company expects to place the Bayou Gentilly well on production during mid September 2005.
On the previously reported Biloxi Marshlands ("BML") No. 1-2 well, the Company has received notification from the drilling contractor that they are expecting the overturned rig to be upright and cleared from Bayou Grande within 10 - 15 days. The Company is currently working on locating a replacement rig to drill the remaining 2,000 feet and return the well to production. Prior to experiencing mechanical problems, the BML No. 1-2 well was producing approximately 7.5 million cubic feet of gas per day (3.7 Mmcf, net). On the Ramos - SL 16049 well, the Company has a workover rig on location to remove scaling that had developed in the production tubing. The operation is expected to take approximately 30 days, at which time the well will be returned to production.
Also, in the BML project area the Company has received approximately 140 square miles of time migrated data from the 2005 3-D seismic acquisition program. The new data will be merged with Meridian's existing 400 square miles of proprietary 3-D seismic in the BML project area. It is expected that the BML project area will continue to be an integral part of Meridian's 2006 exploration program.
The Meridian Resource Corporation is an independent oil and natural gas company engaged in the exploration for and development of oil and natural gas in Louisiana, Texas, and the Gulf of Mexico. Meridian has access to an extensive inventory of seismic data and, among independent producers, is a leader in using 3-D seismic technology to analyze prospects, define risk, and target high-potential wells for exploration and development. Meridian is headquartered in Houston, Texas, and has a field office in Weeks Island, Louisiana. Meridian stock is traded on the New York Stock Exchange under the symbol "TMR."
For more information you may go to www.tmrc.com
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