Remington Oil has made a new discovery at the company's West Cameron 472 #1 well in the Gulf of Mexico. This well was drilled to 6,554 feet and encountered two gas productive sands. Both zones have been completed and flow tested at a combined rate of 11 million cubic feet of gas per day. The company is currently installing a caisson structure over the well and preparing to design the facility and export pipeline. Initial production is expected in the first quarter of 2004. Remington operates West Cameron 472 and owns a 50% working interest. Magnum Hunter Resources owns the remaining 50% working interest.
Remington has drilled the East Cameron 126 #1 well to 16,214 feet and has plugged and abandoned this deep shelf exploratory test. Remington operated this well with a 52% working interest before production casing point. The company's net dry hole expense for the well is estimated to be $4.0 million dollars.