EPL Announces Recent Exploration Results
Energy Partners, Ltd. has released the results from two exploratory wells it recently drilled in the Gulf of Mexico.
At Ship Shoal Block 133, the Company participated in a new field discovery approximately 35 miles off the Louisiana coast in 50 feet of water. The No. 1 well was drilled to a total depth of 11,917 feet and encountered 44 feet of apparent net natural gas pay in a single sand interval. EPL owns a 33% working interest in the well. The well is operated by Tana Exploration Company LLC, which owns the remaining 67% working interest. The well is currently being completed for production and will be tied back to an existing production platform in a nearby block. First production is expected early in the first quarter of 2003.
At Vermilion Block 16, EPL participated with a 20% working interest in the No. 1 well that has recently been plugged and abandoned. The well was drilled to a total depth of 15,700 feet and, while the well encountered the targeted sands, they were determined to be water bearing. Westport Resources was the operator of the well and owns a 35% working interest.
Commenting on recent drilling activity, Richard A. Bachmann, EPL's Chairman, President and Chief Executive Officer commented, "We are very pleased to announce the fourth success out of five wells drilled thus far in our exploratory drilling program, the #1 well at Ship Shoal 133. Like our other recent successes, we will be able to get this well on production quickly, adding further to our first quarter 2003 production growth. Looking ahead, our drilling program is continuing to accelerate. We currently have two wells drilling, one of which is exploratory and one of which is exploitation. In addition, we have at least 10 exploratory wells in line for drilling over the next six months. At the same time, we have expanded our development and exploitation operations with a new 5-well program at Greater Bay Marchand as well as recompletion and workover activity at East Bay."