Bayou Bend Petroleum Ltd. provided an update on its exploration activities in the Gulf of Mexico.
Bayou Bend has entered into another Joint Exploration Agreement with Contango Operators and their partners (collectively the "Contango Group") to contribute acreage and jointly drill and develop the Company's Marsh Island Phase 1 area Mount Moran North Prospect located in Eugene Island Block 10 in the state waters of Louisiana. This prospect is in the same regional trend as the Eagle's Nest Prospect discovery recently announced by the Company.
The Company and its Marsh Island Phase I partners will together hold a 35% working interest position in the JEA covering portions of State Leases numbers 19269, 19266, 19397, and 18640. The Company itself will hold a 12.453525% working interest position in the JEA. Contango will operate this second well to be drilled on SL number 19266 to a depth of 17,000' and, if successful, production will flow through Contango's H Platform Facilities in Eugene Island Block 11. The rig contracted for the well is the Atwood Richmond. The rig is currently completing the Company's first JEA well with Contango, the Eagle's Nest Prospect, and is expected to be on the Mount Moran North location within approximately 14 days.
Mr. Clinton Coldren, President of Bayou Bend, commented, "This project continues our exploration effort on the south east flank of our Marsh Island Project Area. The first well (Eagle's Nest) was a success and we plan to continue this trend. The drilling of this prospect also exposes the Company to potential near term reserve and production growth as we continue to focus on maturing the other prospects in the Marsh Island Phase 1 area."
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