Energy Partners, Ltd. has made its ninth exploratory discovery since the beginning of 2002. The EPL No.1 well in Eugene Island Block 27, located approximately 12 miles off the Louisiana coast in 18 feet of water, was drilled to a total depth of 10,877 feet as a straight hole. Hydrocarbons were encountered in the objective Cib Carst sand with 39 feet of apparent net natural gas pay. EPL owns a 100% working interest in the well and is the operator. A 30" caisson has been installed at the well location and the well is being temporarily suspended while development plans are finalized. The well will be tied back to an existing platform in a neighboring block for processing and sales with first production expected by the third quarter of 2003. EPL acquired its interest in Eugene Island Block 27 in the March 2002 Central Gulf of Mexico Lease Sale.
Commenting on EPL's latest exploratory drilling success, Richard A. Bachmann, EPL's Chairman, President and Chief Executive Officer commented, "We continue to be very pleased with the success we are having in our exploratory drilling program. We have logged successes in EPL's core property base, on properties acquired in the Hall-Houston transaction earlier this year, and now, on a newly acquired lease sale block."
Bachmann continued, "We believe we have built a very strong team and a very strong portfolio. We are looking forward to the results of the final six wells in this year's program which should become available over the next four to six weeks."