Spinnaker Exploration Apparent High Bidder on 16 Gulf of Mexico Blocks
Spinnaker Exploration Company
Spinnaker Exploration provides a summary of its activities related to OCS Sale #196,
held on August 17th, covering tracts offered in the Western Gulf of Mexico by
the Minerals Management Service (MMS). Preliminary results were announced by
the MMS in New Orleans. Apparent High Bids (AHB) give the bidding party
priority in award of offered tracts, however under certain circumstances, the
MMS retains the right to reject all bids for a given tract. The MMS review
process can take up to 90 days.
Spinnaker participated in 17 bids of which 16 were AHBs; 13 in the deep water and 3 on the shelf. Spinnaker's net exposure to the AHBs is approximately $10.4 million.
Spinnaker's working interest averages 90% in the AHBs and the Company will serve as operator on 15 of the 16 blocks represented by the AHBs.
The AHBs represent approximately 92,160 gross acres and 82,940 acres net to Spinnaker. This would bring Spinnaker's holdings in the Gulf of Mexico to approximately 1,748,000 gross acres and 994,700 net acres, respectively.
Spinnaker participated in 17 bids of which 16 were AHBs; 13 in the deep water and 3 on the shelf. Spinnaker's net exposure to the AHBs is approximately $10.4 million.
Spinnaker's working interest averages 90% in the AHBs and the Company will serve as operator on 15 of the 16 blocks represented by the AHBs.
The AHBs represent approximately 92,160 gross acres and 82,940 acres net to Spinnaker. This would bring Spinnaker's holdings in the Gulf of Mexico to approximately 1,748,000 gross acres and 994,700 net acres, respectively.
RELATED COMPANIES
Company: Spinnaker Exploration more info
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea