Gulfport Energy Partially Restores GOM Production
Gulfport Energy Corporation reported that partial production has been restored at both its West Cote Blanche Bay and Hackberry fields following Hurricane Ike. Physical inspections have confirmed that Gulfport's coastal Louisiana facilities sustained no major structural damage. Equipment repair and cleanup work to the facilities have been performed and some additional work will be necessary before production can be fully restored. Gulfport has found no evidence of damage to producing wells as a result of the hurricanes.
At Gulfport's WCBB field, Tank Batteries 1B and 3 are operational, with production into both facilities commencing on September 24, 2008. Repairs to the remaining two tank batteries at WCBB are currently underway. The drilling and completion rigs returned to the field on September 15, 2008 to resume operations.
At East Hackberry, certain flowing wells were restored to production on September 22, 2008. The remaining wells at East Hackberry will be restored incrementally as the required equipment repairs are completed. At West Hackberry, production is shut-in pending repairs to a state-owned bridge leading into the field and the restoration of electric service.
At pre-storm levels, from August 1 to 29, 2008, total Company production averaged approximately 5,669 net barrels of oil equivalent per day. Of that amount, the combined average net production from both the WCBB and Hackberry fields was approximately 4,939 BOEPD. Updates to the Company's 2008 production guidance will be provided after these fields have largely resumed production.
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