Entek Energy Ltd. (Entek) announces the acceptance of Entek's bid, offered on Oct. 3, 2007, for Garden Banks Block 115 in the GOM Central Sale 205 by the United States Department of Interior, Mineral Management Service.
The Cascade Prospect is ready to drill in the Garden Banks 115 Block.
The resource estimate is 10 to 20 BCF, at a depth of 1,100 meters subsea (3,600 feet subsea). Gas/condensate is the expected hydrocarbon.
Geologic control is exhibiting good reservoir characteristics, seen through the numerous tests in the area, with seismic control utilizing Western Geco 3D over the prospect.
Analog production of 215 BCFE cumulative surrounds the Cascade Prospect.
A gas pipeline traverses the block and an oil pipeline is located six miles away.
The cost to find and develop is estimated at $2.42 per MCFE, (the NYMEX HENRY-Hub gas price average over the first 18 days of January 2008 is approximately US$7.85 per MCFE).
Entek holds a 100% working interest (WI) in Garden Banks 115 and plans to immediately commence farm-out of up to 70% of its WI.
The decision by Entek to bid on the Garden Island 115 Block was based upon a thorough evaluation of the Cascade Prospect, in consultation with the company's technical consultant based in Houston. The prospect fulfilled the company’s rigid selection criteria, including: sound geological and geophysical validation; proven hydrocarbon province; proximity (and access) to infrastructure (for drilling and development) and market (for sale of produced hydrocarbons); reasonable development costs (in the event of discovery); likely farm-out appeal. The Cascade Prospect met all of the above criteria.
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