Spinnaker Says Plans at Spiderman/Amazon Field Progressing

Spinnaker says planning for a second well in the recently discovered Spiderman/Amazon Field located in the Gulf of Mexico is progressing. The Desoto Canyon 620 #1 should commence by the early second quarter and would test the west side of the field.

Infrastructure alternatives are being evaluated and at least three options appear economically attractive. The project could be sanctioned by mid-year. The Company believes that production of the field is economic with the existing proved reserve connected via tie-back to existing infrastructure.

Spinnaker anticipates that operations could commence at the related San Jacinto prospect located in Desoto Canyon Block 618, in the first quarter. The exploratory test would be drilled through the productive intervals seen in the Spiderman/Amazon discovery. San Jacinto is located approximately six miles west of the Spiderman/Amazon discovery.

Spinnaker owns an 18% WI in the Spiderman/Amazon discovery and a 33% WI in the San Jacinto prospect.