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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: BigBull who wrote (61913)	3/10/2000 11:22:00 AM
From: BigBull	Read Replies (3) \| Respond to of 95453

OSX up 5 and nobody home? Did everybody go on vacation with Jim P? <g> Buying? Selling? Helllllo!?

To: BigBull who wrote (61913)	3/10/2000 3:07:00 PM
From: upanddown	Respond to of 95453

BB I think you may be right that the pipeline constructors may be ready to rumble. An article about Mariner Energy caught my eye because it appears like they will have huge production increases in 2000, unfortunately they appear to be 100% closely held. This article about the PLUTO project in full production has several interesting points. 65 Million gas and 10,500 oil daily from a single well are impressive numbers. The fact that BR has a 63% WI may have something to do with its recent strength. Note the bold item about hook-up. It sounds like deepwater production is going to involve lots of flowlines and not many platforms and has to be bullish for the pipeline constructors. John H Tuesday March 7, 6:00 pm Eastern Time Company Press Release SOURCE: Mariner Energy, Inc. Mariner Energy Announces Pluto Deepwater Project Fully Operational HOUSTON, March 7 /PRNewswire/ -- Mariner Energy, Inc. today announced that its Pluto project is fully operational and currently producing approximately 65 million cubic feet of natural gas per day and 10,500 barrels of oil per day. Production began on December 29, 1999, and production was reduced or curtailed during January and February while start-up problems were resolved. The Pluto project is located in the Deepwater Gulf of Mexico 110 miles Southeast of New Orleans, Louisiana in Mississippi Canyon blocks 673, 674, 717 and 718. Production is from a single subsea well at a water depth of 2,710 feet. A single flow line connects the well to a host platform facility located in South Pass block 89 approximately 29 miles away, which makes Pluto the second longest subsea tie-back project in the Gulf of Mexico. Robert E. Henderson, chairman and chief executive officer of Mariner, stated, ``The completion of the Pluto project is a tremendous accomplishment for Mariner. It illustrates our ability to operate in the Deepwater Gulf and effectively manage the inevitable operational challenges that arise. Pluto represents the next step in the successful execution of our Deepwater Gulf exploitation and exploration strategy.' The Company acquired a 100 percent interest in the project during 1997 and 1998. In June 1999, the Company sold a 63 percent working interest in the Pluto project to Burlington Resources Inc. (NYSE: BR - news) reducing the Company's working interest to 37 percent. After project payout, the Company's working interest will increase to 51 percent and Burlington's working interest will decrease to 49 percent. The project received Deepwater Royalty Relief in July 1999, and Mariner is the operator. Mariner Energy, Inc. is a Houston-based oil and gas exploration company with principal operations in the Gulf of Mexico and along the U.S. Gulf Coast. The Company is majority owned by an affiliate of Enron North America Corp. which, along with a group of Mariner employees, provided equity financing for a management-led buyout in 1996. Mariner has been an active explorer in the Gulf Coast area since the mid-1980s (initially as Trafalgar House Oil and Gas USA Inc. and then as Hardy Oil & Gas USA) and has successfully grown its production and reserve base through the drill bit. Mariner is one of the most experienced independent operators in the Deepwater Gulf of Mexico.