Enterprise Oil PLC
27 November 2001
Enterprise Oil drills successful well in US Llano field
Enterprise Oil today announced that Enterprise Oil Gulf of Mexico Inc., a
member of the Enterprise Oil group, has successfully completed the drilling of
its first well as operator of the Llano field located in the Garden Banks area
of the US Gulf of Mexico. The Llano field is located 125 miles offshore
Louisiana in approximately 2,600 feet of water.
The appraisal well, Garden Banks 385 No. 1, is the fourth well drilled on the
discovery. The well encountered two high-quality hydrocarbon-bearing
reservoirs with approximately 400 feet of total net pay. Production casing has
been set at a measured depth of 24,789 feet, and the well has been suspended
for future production.
John McGoldrick, President Enterprise Oil Gulf of Mexico Inc. commented: 'We
are very pleased with the results of the well, which we continue to evaluate
as we pursue development options for the field. We will now progress our plans
with co-venturers as quickly as possible to move Llano forward. We aim to
complete the concept selection phase of work in the first half of 2002.'
Co-venturers' interests in Garden Banks Block 385 and 386 (Llano field) are:
Enterprise Oil Gulf of Mexico Inc. 27.5 percent
Amerada Hess Corporation (AHC) 27.5 percent
Mobil Producing Texas & New Mexico Inc., 22.5 percent
an affiliate of Exxon Mobil Corporation
PanCanadian Energy Corporation 22.5 percent
Ends.
For further information, please contact:
John McGoldrick, President Enterprise Oil Gulf of Mexico +1 (713) 970 2822
Inc.
Patrick d'Ancona, Head of Public Relations +44 (20) 7925 4160
Peter Reilly, Head of Investor Relations +44 (20) 7925 4229
Notes to Editors
The Llano field was discovered in 1997 on Garden Banks Block 386 in the
deepwater US Gulf of Mexico. The discovery well encountered several
high-quality hydrocarbon-bearing sands. An appraisal well was drilled in 1999,
which proved the presence of hydrocarbons more than a mile away from the
original discovery. A second appraisal well was drilled in August 2000 to a
depth of 24,000 feet, and was suspended as a potential producing well. Both
wells were drilled on Garden Banks Block 386.
Enterprise Oil Gulf of Mexico Inc. acquired its interest in the Llano acreage
through its 1997 agreement with EEX. Under the agreement, $65 million was
committed towards EEX's exploration drilling costs in return for an immediate
assignment of 50 per cent of EEX's deepwater portfolio. In May 2001,
Enterprise Oil Gulf of Mexico Inc. assumed operatorship of the Llano field
from EEX. In June 2001, Amerada Hess Corporation acquired the remaining
interest of EEX in the Llano field.
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.