Cheniere Energy Sells Interest in West Cameron Block 49
|Tuesday, April 23, 2002
Cheniere Energy Inc. has sold its oil and gas reserves at West Cameron Block 49 for $2,350,000. Walter Williams, vice chairman of Cheniere, said, "We completed two discoveries at WC 49 in 1999 and have enjoyed excellent cash flow from these two wells. While reserves remain in the existing wells, at this point the production from the currently producing zones has declined such that recompletions into other zones will soon be necessary. We felt that with the upside for new reserves limited, it would be wise to sell now and focus our efforts and resources on finding new reserves through exploration."