EPL Reports Three Shelf Discoveries
Energy Partners, Ltd. on Thursday provided an update on drilling operations, including recent exploratory results. The company announced three exploratory successes on the Shelf. For the year to date, the company has drilled nineteen discoveries out of twenty-five exploratory tests in the Gulf of Mexico and onshore in the Gulf Coast region, including two discoveries in the deepwater Gulf of Mexico, for a success rate of 76% to date.
At East Cameron 109, the #A-6 well was drilled to a total depth of 9,817 feet and encountered apparent high-quality natural gas pay in two intervals. The #A-6 discovery, which was a moderate risk, moderate potential well, is expected to be on line by the end of the year. This marks the fourth discovery in the East Cameron/Vermilion area since drilling began in 2005. EPL, the operator, holds a 50% working interest in the well and Phoenix Exploration Company LP holds the remaining 50%.
The moderate risk, moderate potential South Marsh Island 79 #1 well was drilled to a total depth of 9,818 feet and encountered approximately 87 feet of high-quality natural gas pay in six intervals. The #1 discovery well is expected to be on line in 2007. EPL, the operator, holds a 100% working interest in this well. Additional exploratory drilling in the area is expected in 2007.
In the Bay Marchand field area, the non-operated #CM-2st2 well was drilled to a total depth of 10,784 feet and encountered three high quality oil sands before the wellbore became mechanically unusable during installation of the production casing. The #CM-2st2 will be re-drilled to the discovered sand intervals using another wellbore on the platform, which is projected to spud in the first half of 2007. EPL holds a 27% working interest in this discovery.
The company is currently drilling two exploratory wells, the moderate risk, moderate potential South Timbalier 46 #3, called Raptor, and a moderate risk, high potential deepwater exploration well in Mississippi Canyon 292, called Raton South. The company plans to commence at least three additional exploratory tests before the end of year, including two moderate risk, moderate potential Shelf wells, the West Cameron 252 #1 and South Timbalier 26 #F-30, and a well to test the high risk, high potential onshore Barracuda prospect in Terrebonne Parish, Louisiana.
Richard A. Bachmann, EPL's Chairman and CEO, commented, "We are pleased to announce three more drilling successes, for an overall success rate to date of 76%, which is in line with our historical average since inception of the company. Two of the five exploratory wells either currently drilling or set to spud before year end have significant reserve exposure, one drilling in deepwater, Raton South, which is the Mississippi Canyon 292 #5 and is expected to reach TD before the end of year, and one onshore, the Barracuda prospect in Terrebonne Parish set to spud by mid-December."
Founded in 1998, EPL is an independent oil and natural gas exploration and production company based in New Orleans, Louisiana. The company's operations are focused along the U. S. Gulf Coast, both onshore in south Louisiana and offshore in the Gulf of Mexico.
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