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Energy XXI Announces Gulf Of Mexico Joint Venture With Apache And Provides Operations Update

At West Delta 73 (100% WI / 83% NRI), Maroon, the company's fourth horizontal oil well in the field, was drilled to 8,281 feet true vertical depth (TVD) / 10,071 feet measured depth (MD), including a 1,200-foot horizontal section in the F-40 oil sand. The well is currently testing and under evaluation.

"We continue to grow more confident in the upside of our horizontal oil drilling program," Schiller said. "As anticipated, our horizontal wells are trending right around our mid to high-side case, which represents about a five-fold average increase in recoverable oil per completion."

At South Timbalier 54 (100% WI / 87% NRI), Viper, Energy XXI's first horizontal well in the field, was drilled to 4,849 feet TVD / 6,670 feet MD, including a 680-foot horizontal section in the A-1 oil sand. Viper was placed online in mid-March at approximately 500 BOE/d gross. Viper is the first of a five-well horizontal program planned for the South Timbalier 54 field. Iceman, the next horizontal well in the field, has been drilled to the target depth of 6,620 feet MD, and the horizontal section is currently being drilled. To date, the A-1 sand has produced almost 30 million barrels of oil at South Timbalier 54.

The Pendragon well (50% WI / 40.6% NRI), located on Vermilion Block 178, is currently drilling past 12,400 feet TVD/14,000 feet MD with a proposed total depth of 16,300 feet TVD/ 20,400 feet MD. The exploratory well is targeting multiple sands on the south side of a salt dome. 

Onshore Louisiana in St. Mary's Parish, following the acquisition of the McMoRan working interest in the Bayou Carlin field announced at the end of January, Energy XXI acquired an additional working interest in the field from a private company for $34 million. This additional acquisition takes Energy XXI's working interest in the currently producing Landers and Peterson wells at Bayou Carlin to 73.5 percent from 56.5 percent, adding 1,035 BOE/d in net production to Energy XXI.

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