Maritech has lost two platforms to Hurricane Ike and has also been affected by the loss of a third-party platform. Maritech is the 50% working interest owner of a number of producing wells on East Cameron (EC) 328. The "A"; platform, with about half the producing wells and the production facilities, was destroyed. Until a way to flow the "B" platform wells to another production platform can be devised, it will remain shut-in.
Maritech also lost the living quarters and production platform (no currently producing wells were lost) for its South Marsh Island (SMI) 48 field. In addition, Maritech has a 50% interest in wells on Ship Shoal (SS) 219. Production from this field flowed to a third-party production platform, which was also destroyed.
Estimated net production losses from these three properties is 1,700 B/D of oil and about 3.0 MMCF/D of natural gas. It is too early to determine whether other facilities can be found to flow to, for EC 328 "B", SS 219 and SMI 48. Maritech carries re-drill insurance for EC 328 "A"; wells, it will take months to determine a plan of action. Therefore, the company will not have the ability to predict when or if this production from EC 328 "A"; can be reestablished, possibly for months.
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