EPL Provides Post-Hurricane Rita Operational Update
28 Settembre 2005 - 12:32AM
Business Wire
Energy Partners, Ltd. ("EPL") (NYSE:EPL) today issued an
operational update on its damage assessment and recovery in the
wake of Hurricane Rita. The Company has completed an initial
assessment of its operated platforms and rigs and indications are
that EPL's facilities suffered only minor damage and its rigs under
contract are in their pre-storm locations. The Company also
provided further details on its production outlook and insurance
coverage. Damage Assessment EPL safely evacuated all offshore
personnel prior to Hurricane Rita. The initial flyovers, boat
inspections, and manning of platforms to assess damage to the
Company's operations in its Western, Central, Eastern and onshore
areas were completed earlier today. All producing structures and
facilities appeared intact with only minor damage due to Hurricane
Rita. In the Western area of EPL's Gulf of Mexico Shelf operations,
the Company has surveyed fields representing a majority of its
operated production and found no significant structural damage. The
Company has begun restarting production from its fields in the
Western area, and in the coming days expects to address any further
issues in re-establishing pre-storm production levels. In EPL's
Central area, the Company's main producing assets appear to have
sustained only minimal damage. EPL expects to restore the majority
of production from the Central area in the next several days, with
production expected to return to pre-Hurricane Katrina levels by
mid October as third party pipeline issues are resolved. In the
Eastern area, EPL has identified no significant incremental damage
from Hurricane Rita. The Company is returning temporary quarters
barges to the East Bay field that had been placed there to replace
the crew quarters that were lost to Hurricane Katrina. Work is
proceeding to restore the field to full production, subject to
third party transportation and processing constraints downstream
from the field. Production in the Eastern area had not re-started
post Hurricane Katrina, and the Company said it is continuing to
work on a timeline to restore production from the East Bay field.
In the Company's onshore South Louisiana operations, producing
fields and structures sustained minimal damage, mainly associated
with high water, and production is expected to return to pre-storm
levels in the next several days. Production Levels Prior to
shut-ins for Hurricane Rita, EPL's production had ramped up to
nearly 60% of its production capacity of approximately 30,000
barrels of oil equivalent per day prior to Hurricane Katrina. At
the current time, the Company is developing a timeline, contingent
upon third party transportation arrangements, to fully restore
production across its entire operations. EPL expects to issue an
update on production guidance for the remainder of 2005 in the
coming weeks. Insurance EPL maintains insurance coverage for
property damage due to hurricanes and tropical storms with a
per-storm deductible of $1.0 million for the East Bay field and
$500 thousand collectively for its other properties. EPL also
maintains business interruption insurance on its significant
properties. Given that the Company does not expect production from
East Bay to re-commence within the 45 day waiting period provided
under its policy, EPL expects to begin accruing recoveries under
the policy in mid-October. These recoveries will continue until
full production is restored, subject to policy limits that are not
expected to be reached at this time. EPL said at this time it
expects to restore production from all other operated properties
before the end of the insurance waiting period, so it does not
expect to recover under its business interruption insurance on any
other properties. 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 shallow to moderate depth waters of the Gulf of Mexico Shelf.
Any statements made in this news release, other than those of
historical fact, about an action, event or development, which the
Company hopes, believes or anticipates may or will occur in the
future, are "forward-looking statements" under U. S. securities
laws. Such statements are subject to various assumptions, risks and
uncertainties, which are specifically described in our Annual
Report on Form 10-K for fiscal year ended December 31, 2004 filed
with the Securities and Exchange Commission. Forward-looking
statements are not guarantees of future performance or an assurance
that the Company's current assumptions and projections are valid.
Actual results may differ materially from those projected.
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