EPL Provides an Update on Drilling Operations
31 Luglio 2007 - 11:35PM
Business Wire
Energy Partners, Ltd. (NYSE: EPL)(�EPL� or the �Company�) today
provided an update on exploratory activity, including results on a
number of decisioned exploratory wells, the progress of exploratory
wells currently drilling including the South Timbalier (�ST�) 41
#B-3 Cap Rock well, and the successful testing of a deeper pay sand
at ST 46. The Company currently has an exploratory well, the #B-3
Cap Rock prospect, underway on the Shelf in the ST 41 field. This
moderate risk, high potential well has reached 16,374 feet and has
encountered the upper-portion of the intended objectives,
discovering 70 feet of high quality oil and natural gas pay in five
sands. The well is currently being sidetracked to take points updip
to the sands discovered for optimal reserve recovery. Encouraged by
the well results to date, sidetrack plans include taking the well
deeper to test additional prospective sands below the lowest pay
sand encountered to date. EPL is the operator with a 60% working
interest, and W&T Offshore Inc (NYSE:WTI) holds the remaining
40% working interest. The Company also announced it has
successfully production tested the first of four deeper pay sands
encountered earlier this year in the ST 46 #3 (A-1) well. Based on
this preliminary test information, the Company is evaluating an
additional well to test even deeper objective sands below the
productive sands encountered in this well. The #3 (A-1) well is
currently flowing to sales at a gross rate of approximately 7
million cubic feet per day (Mmcf/d) with 120 barrels of associated
liquids. As previously announced, the Company initiated production
in the ST 46 field area mid-May, and has ramped up the gross
initial rate of the field�s first producing well, the ST41 #4
(A-2), from 25 Mmcf/d with associated liquids to approximately 37
Mmcf/d and 530 barrels of associated liquids. Total combined gross
production coming from this 100% EPL interest area is approximately
44 Mmcf/d and 650 barrels of associated liquids. Richard A.
Bachmann, EPL�s Chairman and Chief Executive Officer, said,
�Today�s announcements regarding our ST 41 and 46 fields further
validate our excitement over this area where our employees have
done a great job of continuing to unlock its potential. We plan to
optimize the discoveries made to date and further evaluate other
100% EPL owned acreage in the area.� The Company announced a second
gas discovery at Eugene Island (�EI�) 312. This moderate risk,
moderate potential #D-2 well was drilled to a total depth of 8,380
feet and encountered a total of 50 feet of high quality natural gas
pay in a single sand interval. This is the second discovery in this
block, with the first discovery, the EI 312 #D-1 well, made late
last year. A third exploratory well, the moderate risk, moderate
potential EI 311 #D-3 well, is currently drilling. First production
in this exploratory area was established with the EI 312 #D-1 well
late last week, and the EI 312 #D-2 well is expected on line in the
third quarter of this year. Hunt Petroleum is the operator with a
60% working interest, and EPL holds the remaining 40% working
interest. The Company further announced today that the moderate
risk, high potential onshore south Louisiana well, Longhorn,
located in Terrebonne Parish, reached its intended depth of 19,000
feet and was a dry hole in the objective section. While this well
encountered substantial sand accumulation throughout the objective
section, the sands were water bearing and the Company elected not
to participate in the proposed completion of sands uphole from the
objective section. The Company has also decisioned two additional
moderate risk, moderate potential wells on the Shelf, one located
in ST 26, called the Chimney Rock prospect, and one located in West
Cameron 312. Both of these 100% EPL interest wells reached their
intended objectives, and were dry holes. The Company will recognize
total dry hole expense of $29 million in the second quarter of 2007
in connection with these three wells. As a result of this higher
than anticipated dry hole expense, the Company has increased its
exploration expense guidance, which includes dry hole costs as well
as other charges, for the second quarter from $15 to $25 million to
$37 to $40 million. The Company is currently drilling four
exploratory wells, including the high potential ST 41 #B-3 Cap Rock
well, and three moderate potential wells, the EI 312 #D-3, the
South Marsh Island 247 #1, and an onshore South Louisiana well
called Tiger Bait in Terrebonne Parish. The Company plans to spud
an additional four wells before year-end, including two moderate
risk, high potential wells on the Shelf at EI 21 and ST 214, and
one high risk, high potential onshore South Louisiana well called
La Posada in Vermilion Parish. 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 Gulf of Mexico. Forward-Looking Statements This
press release may contain forward-looking information and
statements regarding EPL. Any statements included in this press
release that address activities, events or developments that EPL
expects, believes or anticipates will or may occur in the future
are forward-looking statements. These include statements regarding:
reserve and production estimates; oil and natural gas prices; the
impact of derivative positions; production expense estimates; cash
flow estimates; future financial performance; planned capital
expenditures; and other matters that are discussed in EPL's filings
with the Securities and Exchange Commission. These statements are
based on current expectations and projections about future events
and involve known and unknown risks, uncertainties, and other
factors that may cause actual results and performance to be
materially different from any future results or performance
expressed or implied by these forward-looking statements. Please
refer to EPL's filings with the SEC, including Form 10-K for the
year ended December 31, 2006 and Form 10-Q for the quarter ended
March 31, 2007, for a discussion of these risks. Additional
Information and Where to Find It. Security holders may obtain
information regarding the Company from EPL's website at
www.eplweb.com, from the Securities and Exchange Commission's
website at www.sec.gov, or by directing a request to: Energy
Partners, Ltd. 201 St. Charles Avenue, Suite 3400, New Orleans,
Louisiana 70170, Attn: Secretary, (504) 569-1875.
Grafico Azioni Energy Partners (NYSE:EPL)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Energy Partners (NYSE:EPL)
Storico
Da Lug 2023 a Lug 2024