Friday June 6 10:44 AM EDT
Tatham Offshore, Inc. Granted Royalty Relief for Sunday Silence Field
Company Press Release
Source: Tatham Offshore, Inc.
HOUSTON, June 6 /PRNewswire/ -- Tatham Offshore, Inc. (Nasdaq:TOFF) announced today that its application for deepwater royalty relief for the Sunday
Silence field has been approved by the Minerals Management Service. The royalty relief provides for the abatement of the federal royalty on the first 52.5 million
equivalent barrels of oil produced from the field. The Sunday Silence field is located in Ewing Bank Blocks 958 and 1003, offshore Louisiana, at a water depth of
approximately 1,500 feet.
Tatham Offshore drilled the Ewing Bank 958 #1 well, the discovery well for the Sunday Silence field, in 1994. The Ewing Bank 1003 #1 well, a delineation well for
the field, tested at a rate of approximately 8,700 barrels of oil and 5.4 million cubic feet of gas per day. Tatham Offshore owns a 100% working interest in the field.
``We are extremely pleased to receive approval of our application for royalty relief. The Sunday Silence field is the first deepwater field approved for royalty relief
by the MMS. The prompt manner in which our application was processed and approved will prove to be instrumental in allowing the Company to develop the field
in a timely manner,'' stated Thomas P. Tatham, Chairman and Chief Executive Officer of Tatham Offshore.
Tatham Offshore is an independent energy company engaged in the exploration, development and production of oil and gas reserves located offshore the United
States in the Gulf of Mexico and offshore eastern Canada. DeepTech International Inc. (Nasdaq:DEEP) owns approximately 37% of Tatham Offshore. |
