- Joint venture with Apache targets salt domes across 135 blocks on Gulf of Mexico shelf
- Additional recompletion online at South Pass 49
- Incremental interests acquired at Bayou Carlin
- Current oil production approximates 30,000 Bbl/d
HOUSTON, March 19, 2013 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today provided an update highlighting activity on the Gulf of Mexico shelf and onshore Louisiana.
Apache Joint Venture
The company has entered into an agreement with Apache Corp. to explore for oil and gas pay sands associated with salt dome structures on the central Gulf of Mexico shelf. The area of mutual interest (AMI) includes several salt domes within a 135 block area. In addition, Energy XXI has acquired a 25 percent working interest in 21 non-producing primary-term leases with Apache. A new wide azimuth seismic program is underway to define the potential of the AMI, covering approximately 633,000 acres."This joint venture exemplifies our interest in exploring salt structures where new seismic data, remapping and remodeling could uncover significant hidden hydrocarbons," Energy XXI Chairman and Chief Executive Officer John Schiller said. "Our Pendragon exploration well, being drilled in the Vermilion area, is a similar analog. We are very excited about the potential of this new joint venture with Apache, a world-class operator with extensive expertise in the Gulf of Mexico." Operations Update At the South Pass 49 field, the company has continued its recompletion program to the D-65 sand. Well A-7 (56.5% WI / 47.08% NRI) was the first recompletion to come online, in December 2012, and now has a stabilized flow rate of 14 million cubic feet of gas per day (MMcf/d) gross. Well A-19 (49.4 WI / 37.0% NRI) was the second recompletion, which came online this month and currently is flowing 6 MMcf/d and 135 barrels of condensate per day gross. Well A-17 (56.5% WI / 47.08% NRI) is currently being recompleted to the D-65 sand and should be online in April. The A-6 well (56.5% WI / 47.08% NRI) recompletion to the D-65 sand will follow A-17. Since the South Pass 49 recompletion program started in October, overall field production has more than doubled.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV