El Grande Wilcox Prospect
Century's detailed seismic velocity analysis and pressure predictive work to assess the expanded potential of its El Grande Wilcox Prospect has been completed. The velocity analysis prepared by Baird Geophysical International, Inc. supports our structural interpretation and the proposed TD of 15,500 feet. A detailed drilling AFE and well prognosis will be prepared in due course and the Company expects to initiate the permitting process by February 2007. Century anticipates the well to spud on the second half of 2007 pending developments with joint venture partners.
"We are pleased with the results of the velocity studies on El Grande. We believe this new work has confirmed our structural and stratigraphic interpretation. The potential reservoir Wilcox section on the prospect could be approximately 1,500 feet larger. The robust structural interpretation combined with an expanded prospective Wilcox section supports major upside reserve potential. The primary risk of the prospect is reservoir quality," said James Hersch, Century Petroleum's President and CEO.
Thunder Stud Prospect
The first exploratory well on the Thunder Stud Prospect is anticipated to spud this weekend pending weather conditions in the area. This significant wildcat well has multiple geologic objectives with a proposed TD of 18,000 feet. It is anticipated that it will take approximately 85 days to drill and evaluate.
Century Petroleum Corporation is a publicly traded, dynamic junior oil and gas exploration company currently focused on making significant commercial petroleum discoveries in the Southern States.
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