The South Marsh Island #2 well, located about 230 miles southwest of New Orleans was drilled immediately after the #1 well from the same surface location. The #2 well encountered apparent natural gas pay in the primary objective interval as well as in a deeper secondary objective which was not seen in the first well. Immediately after casing and suspending the #2 well, a third exploratory well will be drilled from the same location.
EPL owns a 25% working interest in the block. Hunt Petroleum is the operator and has a 50% working interest. The remaining interests are held by Cheyenne International Corporation (18.75%) and CL&F Resources LP (6.25%).
Richard A Bachmann, EPL's Founder, Chairman, President and CEO commented, "We are very pleased with the results of this second exploratory well at South Marsh Island 109. We encountered natural gas not only in our primary objective but also in a secondary deeper target that we did not see in the initial well. We plan to drill one more exploratory well commencing immediately and then move forward with our development plans. Any additional drilling will occur after the new facilities are installed in mid-2004."
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