Energy Partners, Ltd. has successfully drilled the State Lease 1486 #1 well at Greater Bay Marchand, its first 2003 exploratory well. The well is located in 44 feet of water approximately three miles off the Louisiana coast, the well was drilled to a total depth of 10,372 feet (8,417 feet TVD) and encountered a total of 80 feet of net oil and gas pay in four sand objectives. EPL is the operator of the well and owns a 43.6% working interest. The William G. Helis Company, LLC, a privately-owned independent exploration and production company based in New Orleans, owns a 40.4% working interest.
ChevronTexaco owns the remaining 16%. The well is currently being completed as a single completion and will be produced from existing platform infrastructure. Initial production is expected by May 2003. ChevronTexaco will operate the well after commencement of production.