The Front Runner Spar project is now 58% complete and first production is anticipated by mid-year 2004. The Spar and related facilities are designed to accommodate production rates of approximately 80,000 barrels of oil equivalent per day (BOEPD).
Spinnaker holds a 25% WI in the Front Runner Field complex and in approximately 100,000 acres adjacent to the discoveries. The Company and its partners own a number of prospects in the area. One of those exploratory prospects, located in Green Canyon Block 380 (Cool Papa), is currently being drilled by the semisub, Noble Max Smith.
Murphy owns a 37.5% working interest in Green Canyon Block 338 and serves as operator; partners are Dominion with 37.5%, and Spinnaker with the remaining 25%.
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