Energy Partners, Ltd. (EPL) announced its second discovery in 2008 in the Bay Marchand field located in its Central core area on the Gulf of Mexico Shelf (Shelf) and has begun drilling its third well in the program. This field is located just north of EPL's South Timbalier 26 field.
The moderate risk, moderate potential South Timbalier 23 (ST 23) #CC-15st exploratory well was drilled to a total depth of 10,076 feet and encountered four hydrocarbon bearing sands for a total of 110 feet of apparent high quality oil pay. The rig has begun drilling the third well in this year's program, the #CC-3st well, with plans to use this rig to complete the #CC-15st in the bottommost sand interval following the operations on the #CC-3st.
The #CC-15st well, expected to be on line in the second quarter, is the second of two discoveries EPL has made within the Bay Marchand area since the beginning of 2008. The first discovery, the ST 23 #CC-14st well, was completed and brought on line last week and is producing approximately 920 barrels of oil per day and 1.1 million cubic feet of gas per day. EPL holds a 27% working interest in both discoveries and in the third well currently drilling.
"This is another good well in our Bay Marchand program, where we have made a total of 46 discoveries and have experienced a 90% success rate overall since investments in the field began in 1998," Richard Bachmann, chairman and CEO, commented. "We look forward to seeing results on the next well in the program early in the second quarter, and continue to look for additional Bay Marchand opportunities for investment in the future."
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