Entek Energy was awarded Galveston Island Block A133 (GA A133) by the Minerals Management Service, US Department of the Interior. Entek estimates up to 24 BCF of proven, probable, possible and prospective resources on the Block.
Entek has commenced negotiations with experienced Gulf of Mexico operators interested in participation in operating and fast track drilling of the Block. Entek will now initiate independent certification of the proven, probable and possible reserves on the Block.
Chief Executive Officer's Comments
"The GA A133 block is a significant addition to our Gulf of Mexico low risk portfolio. The Block has proven reserves and is within easy tie back to a new processing platform in an adjacent Block, which allows us to proceed rapidly to production. We have held discussions with an interested and experienced operator in the area - a testament to the significant potential and value of the Block. We are confident with our internal estimate of reserves and will have independent certification of these reserves commenced immediately."
Entek was high bidder on five Blocks at the recently held Minerals Management Service (MMS) Federal offshore oil and gas lease sale for the Gulf of Mexico held on August 19, 2009. Confirmation from the MMS of award of GA A133 is the first of the five Blocks to be officially awarded to Entek.
While official confirmation of award of the other four Blocks has not yet been received from the MMS, Entek remains confident of being awarded all Blocks.
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