Energy Partners Makes Discovery at Mossy Creek Prospect
Energy Partners Ltd.
|Thursday, October 23, 2003
Energy Partners reports that the #16 exploratory well at South Timbalier 26, known as the Mossy Creek prospect, was successfully drilled. The well, located on the Gulf of Mexico Shelf in 55 feet of water approximately 67 miles south of New Orleans, was drilled directionally to a total vertical depth of 10,640 feet by Pride Offshore's jackup, Pride Georgia. The well penetrated nine productive sand intervals between 9,400 and 10,600 feet, and encountered a total of 205 net feet (240 feet gross) of apparent oil and natural gas pay. EPL is the operator and owns a 100% working interest in the well.
Richard A. Bachmann, Founder, Chairman, President and CEO remarked, "This latest exploratory success, located at one of our longest held lease blocks, South Timbalier 26, again proves the adage that old fields just keep getting better. This find is particularly noteworthy not only because we encountered nine productive sands in the well, but also because some of those sands are new field pays on the block." Bachmann continued, "We have a full schedule of exploratory drilling ahead of us for the rest of the fourth quarter. We have two new wells currently drilling, and we expect to spud as many as ten more wells in the next few months."
The well has been suspended while the Company finalizes its development plans for this discovery, which will likely include installation of a new structure. Initial production is expected in the first half of 2004.