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Fiscal second quarter oil production tops 30,000 Bbl/d
Stricker exploration well at West Delta 30 encounters 79 feet of oil pay
West Delta Block 32 acquired
Share repurchase program approaches 11 percent
HOUSTON, Jan. 7, 2014 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today provided an operations update, including production and recent exploration, development and acquisition activity.
During the company's fiscal second quarter ended Dec. 31, 2013, production is estimated to have averaged 45,000 barrels of oil equivalent per day (BOE/d), with oil production exceeding 30,000 barrels per day (Bbl/d), up from 29,700 Bbl/d in the preceding quarter.
"We have continued to grow our oil production through the last three quarters with minimal development drilling," Energy XXI Chairman and Chief Executive Officer John Schiller said. "We increased activity in December by adding a rig at West Delta 30, where the successful Stricker exploration well will lead to a multiple-well development program. Additionally, we are currently moving a second rig into West Delta 73 to accelerate oil development in our highly successful horizontal drilling program."
The Stricker well at West Delta 30 (100% WI/ 87% NRI) was drilled to 5,897 feet measured depth (MD)/ 5,168 feet total vertical depth (TVD) and logged 79 net feet of oil pay in six different reservoirs, five of which were previously untested and are new discoveries. Stricker is being sidetracked down dip to delineate the size of the new discoveries, with the expectation of encountering incremental net pay. Because of the number of pay sands discovered in the Stricker well, additional development wells likely will be needed to accelerate recovery of reserves. Stricker is the first well Energy XXI has drilled in the West Delta 30 field since its acquisition in December 2010, and also is the first well in a long-term drilling program resulting from an ongoing field study.