EPL Announces Exploration and Development Budget of $360 Million for 2006
23 Novembre 2005 - 2:50PM
Business Wire
Energy Partners, Ltd. ("EPL") (NYSE:EPL) announced today that its
Board of Directors has approved an initial exploration and
development budget of $360 million for 2006. The 2006 budget
represents an 18% increase over the 2005 budget of $305 million and
an 80% increase over the initial 2005 exploration and development
budget of $200 million. Included in the budget for 2006 are funds
for seismic and lease acquisition in water depths up to 5,000 feet
in the Gulf of Mexico, a new focus area which will augment the
Company's existing operating areas on the Gulf of Mexico shelf and
in south Louisiana. The 2006 budget also includes funds for the
drilling of the Denali prospect at East Bay. The Company recently
announced that it had finalized the partners for the first well,
which is expected to spud near year-end. EPL will hold a 40%
working interest in this first well. Richard A. Bachmann, EPL's
Chairman and CEO, commented, "Our initial 2006 budget will allow us
to achieve a number of objectives over the next twelve months that
will further the growth and development of the Company. We will
continue to prosecute our shelf drilling program as we have in the
past several years, and will layer in more exciting higher
potential opportunities. One such example is our first well on the
Denali prospect. We will also launch our deepwater effort in a
measured way, and we expect to be active beginning with the March
2006 lease sale. Lastly, we expect to drill the first deep prospect
in our recently acquired south Louisiana focus area in the coming
months. Most importantly, the 2006 exploration and development
budget as projected will be funded entirely through internally
generated cash flow, giving our investors full upside exposure to
the potential of the program. We have a higher quality portfolio
with more internally generated prospects than we have ever had.
That leaves me as optimistic as I have ever been about our future."
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 presently 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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