All of the new discoveries have occurred since Spinnaker's last operational update of April 29, 2003. The Company has drilled one shallow (6,500 foot) dry hole since April 29th. That well was located on the shelf of the GOM. Spinnaker owned a 75% interest in that well.
The Brazos A-17 #1 is situated in 130 feet of water, approximately 55 miles southwest of Freeport, Texas. The well encountered two productive sands in the Cib Carst section above 8,600 feet. Production casing has been run and the well is suspended at the mud line. The new field will be serviced by a braced caisson platform and should commence production by November 1, 2003.
The East Cameron 312 #1 and #2 have been drilled from a common surface location and each discovered hydrocarbons in separate structural traps. The wells are located in 210 feet of water, approximately 115 miles southeast of Cameron, Louisiana. The EC 312 #1 found natural gas in the Trim A section and was drilled to a total depth of 4,862 feet. The EC 312 #1 was drilled to a depth of 8,282 feet and found oil and gas in a relatively thick Ang B sand. The 312 #1 has been cased for production. The 312 #2 has been logged and will be cased, completed and production tested prior to drilling the 312 #3 well. That well will test a nearby fault block related to the productive section in the EC 312 #2 well. It is anticipated that a new production platform will be constructed for this development. First production is anticipated in the fourth quarter of 2003.
The High Island 47 #1 is situated in 30 feet of water and was drilled to a total depth of 10,595 feet. The well encountered a relatively thick section of productive Marg "A" sand and is currently completing. A second well will be commenced immediately following completion operations. That well will test a separate fault block that is related to the HI 47 #1 discovery. First production from the new field is expected by the fourth quarter.
The Green Canyon 338 #8 has been drilled to a depth of 20,851 feet. Production casing has been run and the operator is currently drilling toward a projected total depth of approximately 21,600 feet. The Company calculates that approximately 420 feet of true vertical depth pay has been encountered thus far in the well.
Spinnaker currently has twelve ongoing rig operations. One of those operations relates to a planned workover of an existing well and four relate to wells and projects mentioned above.
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