Probe Resources Sees Minimal Damage After Hurricanes

Probe Resources provides an update on its operations in the aftermath of Hurricanes Gustav and Ike.

High Island 115 (41.5% WI, 30.9% NRI)

The Operator of the High Island 115 Platform inspected the facility on September 15, 2008 and reported minor damage from the hurricanes. Assessment of the host platform at HI 71 is underway by its operator. The departing export line and onshore separation facility have not reported significant damage. Production from the well is expected to resume within the next two weeks.

East Cameron 36 (100% WI, 69.5% NRI)

A caisson was driven over the well and a nav-aid package was installed prior to Hurricane Ike. The rig was evacuated on September 10 and crews returned on September 16. No damage was found to either the rig or the caisson. The rig was released on September 16. First production from the well is expected in late fourth quarter 2008 after installation of a test separator deck on the caisson and a pipeline to a nearby host facility. It should also be noted that no damage was found to the host facility.

East Cameron 246 (100% WI, 70% NRI)

The Company spud its East Cameron 246 well on September 6, 2008. The rig was evacuated on September 10 for Hurricane Ike. Crews returned to the rig on September 16. The well sustained limited damage as a result of the hurricane. The Company is currently evaluating the damage and believes that the well will be delayed by approximately one week as result of repair operations. The Company is insured for the cost of damage to the well. The Company's share of the cost (the insurance deductible) will not have a significant impact on the total cost of the drilling and completion of the well.

South Timbalier 214 (100% WI, 70% NRI)

The Company's South Timbalier 198 platform, which is intended as the drill site for the South Timbalier 214 well, had no significant damage as result of the hurricanes. The expected spud date has been delayed to mid-October as a result of the evacuations from the rig slated for use on the well. This rig is currently contracted to another operator.

Read more on the aftermath of Hurricane Ike in Rigzone's Special Coverage After the Storm.