Fire At Spinnaker's High Island 47 Platform

Spinnaker reports that at approximately 7:50 a.m., May 19th, a fire broke out at the company's High Island Block 47 "A" platform facility. The fire occurred while conducting a routine maintenance operation and was limited to an area immediately adjacent to and including the natural gas metering shack. It appears at this time that there is no damage to the producing well. As a result of the incident, there were two non-life threatening injuries sustained by contract operating personnel and they are receiving medical attention. Two other contract personnel were on the platform at the time of the incident and were evacuated unharmed from the production facility. The producing well was shut-in immediately following the incident.

The fire has been extinguished and Spinnaker personnel, as well as other safety personnel, have re-boarded the platform. The incident has created no known pollution. The facility is located approximately 18 miles south of Sabine Pass, Texas in the Gulf of Mexico.

Spinnaker is currently investigating the incident. Damage to the structure does not appear significant, although a more complete assessment is underway. At this time, the Company is uncertain as to the length of time the facility will be shut-in.