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Energy XXI Provides Operations Update, Hosts Fourth Annual Investor Day

In the Main Pass 61 field (100% WI/ 78% NRI), the Don Lino well has been drilled to a total depth of 9,550 feet MD/ 8,200 feet TVD, and has logged 126 feet of net pay in three sands. The high-angle well will be dual-completed into the J-6 and BA-4AA sands and is expected to be brought online in mid-November with a flow rate of 1,400 Bbl/d gross. The Don Carlos well will follow Don Lino at Main Pass and will also be a dual-completion into the J-6 and BA-4AA sands.

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 Fieldwood, has reached total depth of 19,555 feet MD/ 19,510 feet TVD. In addition to the previously announced 76 feet of net oil pay encountered in two shallow sands, the well subsequently found oil pay across multiple sands between 11,400 feet and 16,700 feet MD, bringing the total to 100 feet of net oil pay.  The well is being evaluated to determine a delineation and development program for the discovery, with follow-up drilling expected to begin around calendar year end.

The Merlin well (50% WI/ 41% NRI), located on Vermilion Block 178, was spud in mid-June and currently is drilling below 14,100 feet MD/ 12,000 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 15,700 feet TVD.

Within the ultra-deep exploration program with Freeport-McMoRan, the Davy Jones offset well (15.8% WI/12.3% NRI) is being readied for completion. The Rowan EXL III is expected to be on site in December to begin the completion with a production test to follow in the first half of calendar 2014. Once the Rowan EXL III has completed the Davy Jones offset, the rig is expected to move to the Blackbeard complex to begin completion of the Blackbeard West #2 well, which logged more than 200 feet of net pay.

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