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TheStreet Open House

Energy XXI Reports Fiscal Second-Quarter Results And Provides Operations Update

Exploration and Development Activity

At West Delta 73 (100% WI/ 83% NRI), the Hyden well was drilled to 8,760 feet true vertical depth (TVD)/11,700 feet measured depth (MD), including a 760-foot horizontal section in the G-20 oil sand. Hyden was placed on production in January at approximately 1,700 BOE/d, gross. To date, Energy XXI has drilled three successful horizontal wells in the West Delta 73 field. Proved reserves at each of the three wells are expected to approximate 1.2 million BOE to 2.0 million BOE per well.

In the Main Pass 61 field (100% WI/ 83% NRI), the Monte Carlo well was drilled to 7,180 feet TVD/8,200 feet MD, logging 31 feet of net pay in the J-6 oil sand.  This high-angle well was completed and brought online within the past week and is currently being evaluated. Monte Carlo was drilled into an un-mapped portion of the structure, successfully extending the proved reservoir and adding reserves. Additional wells will be drilled to determine the extent of the reservoir.

The development program at Grand Isle 16/18 (100% WI/ 86% NRI) is ongoing. Gelato, a potential horizontal location, is currently drilling at 9,200 feet TVD toward a proposed depth of 10,600 feet TVD targeting the C-6 oil sand. Another well recently drilled at Grand Isle, DrO, targeting the BF-2 sand, was temporarily abandoned and the wellbore preserved for a potential future sidetrack.

At the South Pass 49 field, a successful workover was completed on the A-7 well (57% WI/ 47% NRI). Since March 2012, the well had been producing 2 million cubic feet per day (MMcf/d) of natural gas plus 60 Bbl/d of condensate from the D-65 sand, which had never previously been produced in the field. Frac packs were installed for sand control across the lower portion of the D-65 reservoir, to separately test the upper portion of the D-65 not previously perforated, and to gather more data about the reservoir and to increase production rates. The well was recompleted in mid-December and has been producing at a sustained rate of 17 MMcf/d and 20 Bbl/d of condensate.

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