Rig on Location at BUFB Prospect in the Gulf of Mexico

Entek Energy reports that the Ensco 86 jackup is on location at the Big Ugly Fat Boy prospect in High Island Block A301 and is preparing to spud the #2 explortion well.

The BUFB prospect is a shallow target identified with high quality 3D seismic. It has a potential gas resource of between 8 to 40 BCF. The prospect has a strong amplitude anomaly very similar to thick gas pays in adjacent blocks. The well is expected to take 20 days to drill and additional time to complete in the event of a discovery.

Entek Energy farmed in to High Island Blocks A300 and A301 in the Gulf of Mexico earlier this month. Entek will earn a 15% Working Interest in the Blocks by paying 20% of the first well to casing point. Thereafter, Entek’s participation cost will revert to 15%.

In the event that the initial exploratory well is successful, the joint venture plans to drill a second well to enable confirmation of connectivity through a large portion of the reservoir and prove sufficient reserves to justify development.

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