Bayou Bend Petroleum Ltd. has made a gas condensate discovery on its Mt. Moran North prospect in the Marsh Island project in Eugene Island Block 10. This prospect was jointly drilled by the submersible Richmond with Contango Operators, Inc. through the Company's Joint Exploration Agreement.
The prospect tested the Rob L geologic section which is deeper than the previously announced Eagle's Nest CibOp discovery. Bayou Bend has a 12.453525% working interest in the prospect. The Mount Moran North prospect was drilled to a total depth of 17,004' TVD and encountered 98' TVD net effective gas pay in three separate gas bearing sands. The well will be completed and tied-in to Contango's EI 11 production facility for processing and sales.
Clint Coldren, President and CEO of Bayou Bend, stated, "We are very pleased to announce the success of the Mt. Moran North prospect as part of the Joint Exploration Agreement with Contango. This prospect exposes the Company to reserve and production growth as we continue to focus on maturing other prospects in the Marsh Island Phase I area."
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