Contango Spuds Dude, Eugene Island Prospects in GOM

Contango Oil & Gas has spud two exploration wells in the Gulf of Mexico. The Dude prospect (Matagorda Island 617) was spud in mid-February 2010 by the Hercules 253 jackup. In addition, we have taken a farm-in on block Eugene Island 10 to drill a well on our Eloise South prospect. This well was spud March 2, 2010 and will test the Rob L sands we see in our Eloise North well, and is being drilled in a location so that upon depletion of our Eloise South well, our well bore will be completed up-hole and produce in the Cib-op sand as our Dutch #5 well. The Company has a 100% working interest (72% net revenue interest) in Dude, a 29.7% working interest (19% net revenue interest) in Eloise South, and a 47.0% working interest (37.6% net revenue interest) in Dutch #5. Collectively, the Company has budgeted to invest a total, net to its interest, of approximately $25.0 million to drill both wells.

Completion operations on the Ship Shoal 263 discovery are proceeding and production from this well is expected to begin by mid-summer 2010 at an estimated rate of 20 million cubic feet equivalent per day ("Mmcfed"), net to Contango. To date, the Company has invested approximately $16.0 million in this well, and we expect to invest an additional $11.0 million to bring the well to production.

Kenneth R. Peak, Contango's Chairman and Chief Executive Officer, said, "We anticipate we will spud two more farm-in wells, one offshore and one on-shore, prior to June 30, 2010."


For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Drilling Fluids Specialist
Expertise: Drilling Foreman / Drilling Supervisor
Location: Beeville
Drilling Supervisor - Land
Expertise: Company Man|Drilling Consultant|Drilling Foreman / Drilling Supervisor
Location: Opportunities Throughout the Lower 48
Completions Supervisor
Expertise: Company Man|WellSite Supervisor|Workover or Completion
Location: Richmond, TX
search for more jobs

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours