Energy XXI to Earn 20% in GOM Exploration Well

Energy XXI (Bermuda) Ltd said it has entered into a deal with McMoRan Exploration Company (MMR) to earn a 20 percent working interest in the South Timbalier Block 168 No. 1 exploration well, in the relatively shallow waters of the Gulf of Mexico shelf.

The company said it will pay up to $5.5 million for the right to participate in the re-entry of South Timbalier Block 168 and for a share of the additional acreage.

Current Blackbeard West participants include MMR -- the operator -- with a 32.3 percent working interest, Energy XXI with 20 percent and Plains Exploration Company with 35 percent, it added.

Energy XXI said it has begun drilling or had scheduled within the next few months to spud six prospects with net unrisked reserves potential totalling nearly 50 million barrels of oil equivalent, adding the volumes for third quarter ended March 31 are estimated to have averaged more than 26,000 barrels of oil equivalent per day.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Solids Control Technician
Expertise: Field Service Tech|Mud Engineer / Drilling Fluids|Rig Instrument Tech
Location: Midland, TX
Project Business Analyst
Expertise: Project Management
Location: Houston, TX
US Houston: Attorney (Environmental Law)
Expertise: Environmental Engineer|Legal
Location: Houston, TX
search for more jobs

Brent Crude Oil : $52.42/BBL 2.12%
Light Crude Oil : $49.51/BBL 2.35%
Natural Gas : $3.17/MMBtu 2.25%
Updated in last 24 hours