Telemark Development Plans Set Aside
Energy Resource Technology, Inc., (ERT) a wholly owned subsidiary of Cal Dive International, Inc. has been advised by Norsk Hydro USA Oil and Gas, Inc., that they will not pursue their development plan for the deepwater discovery known as Telemark in Atwater Valley Block 63 in the U.S. Gulf of Mexico.
ERT did not support that development plan and is now screening its own plans based on the marginal field methodologies that were envisaged when the working interest was acquired. Any revised development plan will have to be approved by the Minerals Management Service (MMS).
Owen Kratz, Chairman and Chief Executive Officer, stated, "Cal Dive
regards this situation as an exciting potential opportunity to showcase our unique approach to the development of deepwater marginal fields. ERT intends to take up the designation of operator and present the MMS with a new development plan that will hopefully meet with their approval. This announcement has no impact on the 2006 earnings guidance released earlier this month."
Operates 1 Offshore Rigs
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