Spinnaker announced a natural gas discovery in High Island Block 202 located in the Gulf of Mexico. The discovery well encountered a total of 122 feet of net pay in three sand reservoirs below a depth of 12,650 feet. The well has been cased and temporarily abandoned. The well is situated in a water depth of 40 feet, approximately 34 miles east of Galveston, Texas. Spinnaker owns a 75 percent working interest and operates the venture. Vastar Resources, Inc. holds the remaining 25 percent. Spinnaker anticipates that at least two additional wells will be drilled on the block to delineate and develop the productive reservoirs encountered in the discovery well, and to explore additional objectives that have been identified. A second well has been commenced with Ensco's jackup, Ensco 64. The Company anticipates first production from the field in the second or third quarter of 2000.

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