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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Energy XXI Reports Audited Fiscal Year-End Results And Provides Operational Update

Stocks in this article: EXXI

The Java well at Main Pass 61 (WI 100% / 78% NRI) was drilled to 9,676 feet MD/ 7,148 feet TVD and brought online in late July 2013 producing 1,400 Bbl/d of oil and 1,600 Mcf/d of natural gas, gross, with flowing tubing pressure of 400 psi from the J-6 sand. The Monte Carlo 2 well, spud in late July 2013, was drilled to 8,521 feet MD/ 7,129 feet TVD, encountering 43 feet of net pay in the J-6 sand. The well has been successfully completed and currently is being brought online.

In the company's shallow-water salt dome exploration play, the Heron well (25% WI/ 17.8% NRI), located on Main Pass Block 295 and operated by Apache, has been drilled to 13,170 feet MD/ 13,160 feet TVD. A liner has been set and the well will resume drilling toward multiple primary target sands trapped against a salt dome with a proposed depth of 20,000 feet TVD. As announced, the well previously encountered 76 feet of net oil pay in two sands, as identified with wireline logging equipment.

The Merlin well (50% WI/ 41% NRI), located on Vermilion Block 178, was spud in mid-June and currently is drilling below 14,115 feet MD/ 12,165 feet TVD. Energy XXI is the operator at Merlin, which is targeting multiple oil and gas sands trapped against a salt dome, with a proposed depth of 19,750 feet MD/ 15,700 feet TVD.

Within the ultra-deep exploration program with Freeport-McMoRan, the Lomond North prospect (18% WI/ 13% NRI) in the Highlander area, located primarily in St. Martin Parish, Louisiana, is drilling below 25,100 feet toward a proposed total depth of 30,000 feet. The well is targeting Eocene, Paleocene and Cretaceous objectives below the salt weld. The Lineham Creek exploration prospect (9% WI/ 6.75 NRI), located onshore in Cameron Parish, Louisiana, is acquiring cores in the sidetrack wellbore below 23,000 feet, toward a target depth of 30,500 feet.

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