The No. 1 well is located 14 miles off the Louisiana coast in approximately 44 feet of water and was drilled by the jackup RBF 205. This high risk, high potential well was drilled directionally to a total vertical depth of 11,984 feet. The objective sands in the well were determined to be water-bearing. EPL owns a 33.33% working interest in the well and is the operator. EPL's net share of the total dry hole cost of the well is estimated at $2.1 million.
Commenting on the well, Richard A. Bachmann, EPL's founder, chairman, president and chief executive officer, commented, "While we are disappointed with the results of the East Cameron 44 well, the exploratory play we have initiated in this area remains viable. The geological concept was affirmed in the well but the sands in this location were wet. We still have several more prospects based on the same play concept which we intend to test further in other exploratory wells in the area, possibly as early as later this year."
Bachmann continued, "We currently have three additional exploratory wells underway, including wells at Brazos 495-S, South Timbalier 185 and the Glacier Prospect at East Bay. We also plan to spud an East Cameron 280 well within the next week. Our drilling program will continue to be very active throughout 2003."
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