Energy Partners Makes Two Gulf of Mexico Discoveries
Energy Partners, Ltd. has made two additional discoveries in the Gulf of Mexico. At West Cameron Block 431, EPL successfully drilled the A-3 well into a previously undrilled fault block. The well was drilled from EPL's existing West Cameron 431 "A" Platform, located approximately 75 miles off the Louisiana coast in 97 feet of water. The well was drilled to total depth of 8,060 feet (6,659 true vertical depth (TVD)) and encountered hydrocarbons in two sand intervals with 44 feet of apparent natural gas pay. EPL is the operator of the well and owns a 100% working interest. The well is currently being completed in the deeper of the two productive intervals and will share processing facilities with EPL's currently producing A-2 well. Initial production from the new well is expected within the next four weeks.
In the Bay Marchand Field, EPL successfully drilled the OCS-G 0369 #71 Sidetrack well. Located in 49 feet of water approximately five miles off the Louisiana coast, the well was drilled to a total depth of 8,132 feet (7,853 TVD) and encountered 34 feet of oil pay in the 7,600-foot sand objective. EPL is the operator of the well and owns a 40% working interest. The William G. Helis Company, LLC, a privately-owned independent exploration and production company based in New Orleans, also owns a 40% working interest. ChevronTexaco owns the remaining 20%. The well will be a single completion and will be produced from existing platform infrastructure. Initial production is expected in January 2003. ChevronTexaco will operate the well after commencement of production.
Richard A. Bachmann, EPL's Chairman, President and Chief Executive Officer, commented, "Once again, we are very pleased with the results of our much-expanded exploratory drilling program. We currently have seven additional exploratory wells drilling and expect to spud one more before year-end. We also have one development well underway. Adding in our two most recent successes, we have successfully drilled 7 out of 9 exploratory wells during 2002. You are now seeing further evidence of the value-creation ability of the combined technical teams we established following our merger with Hall Houston Oil Company earlier this year." Bachmann said.