The State of Texas Brazos Tract 495-S #102741 Well No. 1 is located approximately four miles off the Texas coast in 44 feet of water. The well was drilled to a true vertical depth of 7,500 feet. Hydrocarbons were encountered in a single sand interval with 24 feet of apparent net natural gas pay. EPL owns a 50% working interest in the well and is the operator. CMI, a wholly owned subsidiary of GlobalSantaFe Corp., owns a 10% working interest, Continental Resources, Inc. owns a 25% working interest, and NCX Company, L.L.C. owns a 10% working interest, with the balance of the interest owned by a privately held company. A caisson will be installed at the well location and plans are being developed to lay a pipeline to an existing third-party platform on a neighboring block for processing and sales. First production is expected in the fourth quarter of 2003.
The No. C-2 well at South Timbalier 185 is located in the central Gulf of Mexico approximately 45 miles off the Louisiana coast in 184 feet of water. The well was drilled to a true vertical depth of 4,509 feet and encountered 24 feet of apparent net natural gas pay in the 4,300-foot sand objective. The well was drilled from EPL's existing South Timbalier Block 185 "C" platform and, following minor facilities modifications, is expected to come onstream during the third quarter of this year. EPL owns an 80% working interest in the well and is the operator. The remainder of the working interest in the well is held by privately-owned entities.
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