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

To: Chas who wrote (18697)	4/10/1998 9:33:00 AM
From: Teddy	Read Replies (2) \| Respond to of 95453

Dow Jones Newswires -- April 1, 1998 Seagull Energy Seeks Expansion In Deep Gulf Of Mexico Dow Jones Newswires NEW ORLEANS -- Seagull Energy Corp. (SGO) is looking to expand its presence in the deepwater Gulf of Mexico, Chairman and Chief Executive Barry Galt said Wednesday. The oil and natural-gas producer currently has two leases in water beyond 1,500 feet, in the Garden Banks block. Seagull plans to drill its first "wildcat" exploration well in late 1998 or early 1999, depending on rig availability. Teddy's note: did i read that right? Concerned about being able to find a rig in late 98? Although none of Seagull's 10 bids won in last month's auction of Gulf exploration leases, Galt said the company is contacting successful bidders and holders of existing leases. "We are confident we will work our way into other deepwater tracts later this year," he said. Speaking at the Howard Weil Energy Conference here, Galt said Seagull plans to make the deepwater Gulf one of its core areas. Its existing core areas are Egypt and onshore U.S., in Texas, Oklahoma and Arkansas. The company is particularly excited about its East Beni Suef and Qarun concessions in Egypt, and its Frio and Wilcox prospects in South Texas. Galt said the company plans to spend about $260 million in 1998 on exploration and production activities, $4 million more than in 1997. In all, Seagull plans 60 exploration wells this year. Seagull is looking for other potential core areas, seeking regions with geological potential and stable political climates. Galt said the company is currently looking at Pakistan, Yemen and Trinidad. Can you believe this foolishness! Increased spending on E&P, 60 exploritory wells this year.... i guess they haven't checked to price of crude lately.