Initial indications are that this significant gas column discovered in High Island Block 24-L, (N/2 SW/4) #1 would appear to have the potential to flow gas at a similar rate to that tested at the discovery well High Island Block 24-L, (S/2 SW/4) #1.
On October 25, 2006, it was announced that High Island Block 24-L, (S/2 SW/4)#1 located in 37 feet of water on the S/2 SW/4 of High Island Block 24-L, Texas State Waters Offshore and drilled to a depth of 14,988 feet MD had penetrated over 250 feet of pay. On November 9, 2006, the Company announced that the well had been successfully completed and a flow test revealed a flow rate prior to shut in of 47.5 MMscfD on a 45/64ths wellhead choke, with approximately 6 barrels of 45.9 API gravity condensate per million cubic feet of gas (312 barrels of condensate per day).
By way of background, Entek and its partners participated in successful bids at the State of Texas Lease Sale held on October 3, 2006 on three offshore tracts that are contiguous to the discovery block Block 24-L, (S/2 of SW/4).
--Block 24-L, MGL 206 (N/2 of SW/4)
Entek now holds a 5% working interest in 2,880 acres around the discovery well.
This result (the discovery of hydrocarbons in High Island Block 24-L, (N/2 SW/4) #1) justifies the joint venture's acquisition of these additional blocks.
The joint venture is expecting to commence production from the discovery well High Island Block 24-L, (S/2 SW/4) #1 in April 2007, with the deck and facilities scheduled to be installed in March 2007. The follow-up well High Island Block 24-L, (N/2 SW/4) #1 will now be tied back to the production facilities which are engineered to process approximately 80 MMscfD. Production is scheduled to now commence in July 2007, following delays in completion of pipelines and tie-in to third party gas carrier pipelines.
The overall success of the High Island Block program is commendable in that the initial block High Island Block 24-L, (S/2 SW/4) was only successfully acquired in April 2006.
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