The company's initial discovery, the OCS-G 19869 No. 1 Well on Main Pass Block 287, tested the John Quincy Prospect from an open water location to a total depth of 8,778 feet. As previously reported, the well encountered 53 net feet of oil and gas pay in four zones with the principle accumulation found to be 38 net feet of oil in the primary objective Tex X sand.
The second well, the OCS-G 19866 No. 1, drilled directionally 4,300 feet northwest to a bottom hole location on Main Pass Block 276 and tested the North Polk Prospect to a total depth of 8,650 feet. The well logged 43 net feet of oil and gas pay in the Tex X sand. The third well, the OCS-G 19869 No. 2 tested the Polk Prospect on Main Pass Block 287 at a location 2,000 feet northwest of the surface at total depth of 7,524 feet and logged 157 net feet of oil in the Tex X sand. The fourth well, the OCS-G 19866 No. 2 tested the Taft Prospect on Main Pass Block 276 in early June. The well drilled to a total depth of 11,125 feet, 7,800 feet northwest of the surface, and logged 22 net feet of oil and gas pay in the Tex X sand. After installing a tripod platform and pipeline to tie back production to our recently upgraded A platform on Main Pass Block 288, we will complete the four discovery wells with estimated first production to begin during the first quarter of 2004.
The multi-well project in the Main Pass Block 288 field, acquired in December 2001, represents approximately 18% of our total 2003 capital expenditures budget. A rig is on our A platform and is scheduled to drill four additional wells and perform two workovers during the second half of 2003. A significant upgrade of the A platform preceded this activity. Stone has a 100% WI and an 80.3% NRI in Main Pass Block 276 and a 100% WI and an 83.3% NRI in Main Pass Blocks 287 and 288.
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