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Energy XXI Provides Operations Update, Announces Exploration Joint Venture

Stocks in this article: EXXI

  • First horizontal oil well successful, on production at 3,000 BOE/d
  • Don Tomas well triples pre-drill estimates
  • Exploration joint venture targets high-potential oil prospects
  • Current production approximates 45,000 BOE/d

HOUSTON, Oct. 1, 2012 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today provided an operations update and announced an asset purchase and exploration joint venture.

Energy XXI Logo 2

At West Delta 73 (WI 100%/ NRI 83%) the company's first horizontal well, Big Sky 2, was drilled to 8,000 feet true vertical depth (TVD)/10,765 feet measured depth (MD), including a 1,000 foot lateral in the F-30 oil sand. The well was placed on production at 3,000 barrels of oil per day (BOE/d) gross. Based on the historical results of nine horizontal wells drilled in this field in the late 1990s, the estimated ultimate recovery from Big Sky 2 should exceed 1 million barrels of oil. Weimer, the company's second horizontal well at West Delta, is currently drilling at a depth of 8,234 feet TVD/9,320 feet MD and is targeting the F-45 oil sand. Weimer will be drilled to 8,300 feet TVD/10,200 feet MD with production online during October.

"Our first horizontal well, Big Sky 2, had the highest oil rate ever produced in the West Delta 73 field since its discovery in 1962," Energy XXI Executive Vice President Ben Marchive said. "Continued success with the horizontal program can be transformational for Energy XXI, increasing ultimate recovery per well and continuing to improve the already attractive economics of our drilling program."

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