Bayou Bend Petroleum Ltd. provided the following update on its production and exploration activities in the Gulf of Mexico.
Eagle's Nest Prospect
The Eagle's Nest well, in which the Company holds a 12.453525% interest, was tested on May 31, 2008 at a rate of 19.35 MMCF/D and 360 BCPD with a flowing tubing pressure of 10,262 psi on a 19/64's choke. The well is to be tied-in line to Contango's EI 11 production facility for processing and sales. First production is estimated to be during the latter part of July.
Mt. Moran North
The Mt. Moran North well which is located in Eugene Island Block 10 was spudded on June 4, 2008 and is currently drilling at 3,644' MD/TVD utilizing the Atwood Richmond rig. The well will be drilled to a total depth of approximately 17,000' MD/TVD. The Company has a working interest in this well of 12.453525% with Contango as operator. If the well is successful it will be tied-in line to Contango's EI 11 production facility for processing and sales.
Vermillion Block 108
The Mineral Management Service (MMS) has awarded Bayou Bend Vermillion Block 108. The Company was the high bidder on this block in the lease sale last fall. This brings the Company's current portfolio of Federal Blocks to a total of 15. The Company intends to file a plan of exploration on this block in the third quarter of this year.
Eugene Island 164 #1
This well is scheduled to spud in the second half of June and will be operated by Petroquest Energy, L.L.C. The jack-up drilling rig that will be utilized is Blake Rig #303. The Company has a 10% working in this well and the well will be drilled to a depth of 16,200' TVD/16,375' MD.
Location preparation has been under way on this location and is nearing completion. The Hercules Rig #49 has been contracted and spud date is estimated during the third week of June. Bayou Bend has a 35.5809% working interest in this well which will be directionally drilled to a total depth of 10,800' TVD.
Bayou Bend President and CEO, Clint Coldren, stated, "We are excited to be initiating our active exploration program for 2008. Our current plan consists of 4 wells in our Federal Blocks and 7 wells in our focus area of Marsh Island. The Company will expend approximately $44.1MM in dryhole expenditures to expose the company to a significant reserve potential."
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