Century expects the well to penetrate the main geologic objectives late on the third quarter of 2007. Over 2,000 feet have already been drilled. The Company holds an 8.92% working interest in the project and the proposed 16,500-foot exploratory well will target a P50 resource of 50 BCF. The operator is Red Willow Offshore, LLC.
"Century expects an exciting and busy second half of its 2007 drilling season. Operations on the Shadyside Farm project have begun and if successful, the possibility of early production from this well would be very good. Moreover, we have participated in our initial exploratory well on the Thunder Stud Prospect with encouraging results to date and its upcoming production test will be an important event for the company," said James Hersch, Century's CEO.
"An economic discovery in any of our ongoing exploratory projects will address our stated company strategy of long reserves life, low costs of finding, and generation of proven undeveloped locations. Century plans to participate in three HP-HT wells in 2007, and maybe delineation or development wells depending on the outcome of our ongoing program," added Mr. Hersch.
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