This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Energy XXI Provides Operations Update, Hosts Fourth Annual Investor Day

Stock quotes in this article: EXXI

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.

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,042.90 -28.32 -0.17%
S&P 500 1,972.29 -5.51 -0.28%
NASDAQ 4,493.39 -12.4620 -0.28%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs