Hunt Oil to tie in New Discovery to Pan Andean Platform

Hunt Oil has a new oil and gas discovery on High Island 31, 800 meters from the border of the Pan Andean High Island 30 Block (Pan Andean 63%). Both blocks are in shallow waters offshore Galveston, Texas.

Pan Andean and Hunt Oil have agreed that oil and gas production from the new discovery will be tied into the Pan Andean platform. It has also been agreed that Hunt Oil will takeover operatorship of the Pan Andean platform on High Island 30.

This agreement will improve the cash flow from the block through a monthly production handling fee of $40k and lower expected operating costs; it also extends the life of the platform by an expected 7 years. Most importantly it improves prospectivity of the High Island 30 Block where little prospecting has been done in the past three decades, opening a new exploration option for Pan Andean.

The long delay in bringing our platform back into operation is almost over. Tying in the new discoveries and refitting the platform will take upwards of six weeks. In addition, ownership changes at High Island 24 have delayed refurbishment of the High Island 24 platform, which will pump the oil from High Island 30 and High Island 31 to shore. It is now anticipated that all facilities will be on stream during Q2 2007. Oil production from High Island 30 is expected to commence at over 300 barrels of oil per day.

John Teeling, Chairman, commented:

"This is an excellent deal for Pan Andean. The seven-year life of the project will provide positive cash flow and defer any potential abandonment liability.

More importantly, this discovery is very close to our block. We are therefore reassessing High Island 30's exploration potential as little prospecting has been done in the past three decades."

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Broussard: AFO Monitoring Specialist, Sr
Expertise: Geoscientist
Location: Broussard, ME
Mid to Senior-Level Environmental Geologist
Expertise: Environmental Engineer|Geologist
Location: Wichita, KS
Senior GIS Analyst- Spatial Data Management
Expertise: Geoscience Technician
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.46/BBL 0.61%
Light Crude Oil : $50.52/BBL 0.64%
Natural Gas : $2.83/MMBtu 5.35%
Updated in last 24 hours