Remington Oil and Gas Corporation Updates 2002 Exploratory Drilling Program Including Two Offshore Discoveries
PR NEWSWIRE - September 04, 2002 16:36
DALLAS, Sep 4, 2002 /PRNewswire-FirstCall via COMTEX/ -- Remington Oil and Gas Corporation (NYSE: REM) announced two offshore discoveries and updated current and planned exploratory drilling for 2002.
Drilling Update
Two discoveries have been made at West Cameron Block 426 and East Cameron Block 377. First production for both discoveries is expected in early 2003. Listed in the table below are wells recently completed, along with the wells that are currently drilling and wells planned prior to year-end 2002.
Prospect Category W.I.% Status Operator Offshore West Cameron 426 #1 Exploratory 50 Tested 9 Remington MMCFE/day
East Cameron 185 #2 Exploratory 58 Sidetracking Remington
East Cameron 377 #2 Exploratory 75 Completing Remington
Eugene
Island 397 A-5 Exploratory 38 Producing W&T
800 BO/day
Eugene
Island 397 A-6 Exploratory 38 Drilling W&T
South Marsh
Island 24 #1 Exploratory 70 Drilling Remington
West Cameron 399 #1 Exploratory 50 Drilling Remington
Eugene
Island 397 A-7 Exploratory 38 September W&T
Eugene
Island 397 A-8 Exploratory 38 November W&T
West Cameron 416 #1 Exploratory 50 October Remington
South
Timbalier 109 #1 Exploratory 50 November Remington
Onshore
Tatum Dome, MS Exploratory 77 Drilling Remington
Brookshire #1,
S. Texas Exploratory 25 Drilling Suemar
Harlan #1,
S. Texas Exploratory 25 Drilling Suemar
South Texas
(3 wells) Exploratory 20-25 4th Qtr. Suemar
East Cameron 185 #2 was drilled to 15,100 feet. The deep objectives in the well had excellent gas shows; however, electric log analysis indicated low gas saturation that was considered non-commercial. The company is evaluating a possible future location that would encounter these objectives structurally high to our existing penetration. We are currently sidetracking this well to an optimum structural position to capture hydrocarbon pay intervals identified in the shallower portion of the well at approximately 11,000 feet. This well will be completed and then tied back to our production platform on block 184 with first production anticipated early in 2003.
So far this year we have drilled 11 exploratory wells with 7 completions for a 64% success rate. We anticipate drilling an additional 13 exploratory wells prior to year end. We have drilled 129 exploratory wells since 1998 with 97 completions for a 75% success rate, including wells announced in 2002.
James A. Watt, President and Chief Executive Officer stated, "These new discoveries coupled with the drilling program for the remainder of the year should provide our shareholders continued reserve growth for 2002 and resultant production growth for 2003." |
