Spinnaker participated in a total of 11 bid submissions for the sale. Eight of these blocks are located in water depths of less than 200 meters (shelf) and three blocks in water depths greater than 200 meters (deep water). Generally, block sizes in the Federal Waters offshore Texas are 5760 acres.
Spinnaker was successful in submission or participation in the Apparent High Bid (AHB) on a total of eight blocks; six on the shelf and two in deep water. Spinnaker's net exposure to the AHBs is approximately $2.2 million. Spinnaker's working interest (WI) averages 79% and, if all blocks are awarded, it would serve as operator on seven of the blocks.
The AHBs represent approximately 46,000 gross acres and 36,000 acres net to Spinnaker. This would bring Spinnaker's gross and net holdings in the Gulf of Mexico to 1,432,000 acres and 823,000 acres, respectfully.
Spinnaker's AHBs in shallow water primarily relate to deep shelf gas prospects in the Galveston Island Area.
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