Remington Oil & Gas Says Facilities Intact
Remington Oil and Gas says that preliminary inspections of all operated offshore facilities and drilling rigs have been completed. The Company safely evacuated all personnel from its three operated offshore rigs and manned platforms Saturday, August 27, 2005. Most of the Company's offshore production was also shut in on August 27th.
None of the Company's producing facilities or rigs in the area west of the Mississippi River appear to have sustained significant damage. Drilling operations on the three rigs have resumed. Production will be restored as inspections of third party pipelines are completed, and oil and gas are allowed to flow into the lines. Exact timing of this production restoration cannot be predicted at this time.
At the South Pass 89 Field, where the Company has interests in three non-operated platforms, the production facilities appear to have sustained varying degrees of damage. Production start-up will be delayed pending the repairs. Prior to the hurricane, the South Pass 89 Complex represented approximately 5% of our daily production. Remington has a 50% working interest in the South
Pass 87 #6 well (Aquarius Prospect) that was drilling toward a proposed total depth of 23,000 feet prior to the hurricane. Initial reports from the location are the rig sustained minimal damage to handrails and grating. The operator is currently resuming operations to re-enter the wellbore. Remington will update its 3rd and 4th quarter production guidance as soon as it can more fully evaluate the final impact of the storm.
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