El Grande Wilcox Prospect
Century is currently seeking an operator on its 100% working interest controlled prospect and is negotiating the participation of industry recognized joint-venture partners. The Company's management anticipates the Company will retain approximately a 40% working interest in the proposed 15,500 feet expanded Wilcox test. El Grande is a well-defined four-way structure targeting abnormal pressured Wilcox reservoirs. Century anticipate having agreements in place to spud the well early on the second half of 2007.
Century's management team believes the El Grande structural Wilcox prospect represents a continuation of the presently active and economically successful industry Wilcox drilling program occurring in Texas. The South Louisiana gas condensate market is strong with field development and initial production quickly following any commercial discovery. The proposed 15,500 feet test will evaluate the abnormal pressured Wilcox section on a previously unrecognized four-way closure. Century's lease position encompasses the entire prospect with nearby infrastructure in-place.
Shadyside Farm Prospect
The Shady Side project is anticipated to spud in May of 2007, subject to rig availability. The location has been built and the well is permitted. The operator, Red Willow Offshore, LLC, intends to spud the well upon completion of its current drilling obligations with Grey Wolf. The Shadyside Farm prospect is the next project in their drilling schedule. Century has an 8.92353% working interest before casing point on this Prospect and the Company's management team is pleased to be part of this exciting exploratory project. If successful, the project has nearby existing pipeline infrastructure that would allow for a short turnaround from discovery to initial production. The structural prospect is well defined by a modern 3D seismic survey and the existing well database demonstrates excellent quality Miocene reservoir properties.
Thunder Stud Prospect
Drilling on the Thunder Stud Prospect continues and the operator of the prospect expects to reach permitted TD sometime in early May 2007. The Company is excited about the economic potential of the project and it expects to release data concerning the project in due course.
"We will continue to seek obtaining working interest in high-potential, multiple-objective prospects within proved hydrocarbon producing areas of the Southern United States. We intend to manage risk by exposing our working capital in multiple projects with the participation of well-known industry operators," said James Hersch.
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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