Dune Energy: Ramping Up Louisiana Production
Dune Energy provides a post-Hurricane operation update. In preparation for Gustav's landfall, approximately 25 Mmcfe/day net was shut in. Many of Dune's onshore
Drilling operations at Garden Island Bay were suspended as Gustav approached, and the rig moved off location. That rig was subsequently damaged and could not be returned to the location. A replacement rig has been secured and drilling on the SL 214 #912 has resumed. This well should be completed by the end of the month, at which time the rig will move to the SL 214 #908 ST#1, followed by the SL 214 #913 and #914. These four wells should be completed prior to year end and expose Dune to approximately 24 Bcfe net of new reserves and up to 14 Mmcfe/day of net production volumes. Drilling operations for the exploratory tests at Bayou Couba and Chocolate Bayou will probably not commence until the first quarter of 2009, primarily due to partner negotiations and rig availability. Workover and recompletions are currently being reactivated. Non-operated drilling activity has resumed at East Lake Sand and
Dune anticipates greatly enhanced liquidity exiting the third quarter with between
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