Energy XXI (EXXI) Updates on Core Producing Fields
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Energy XXI (Nasdaq: EXXI) has provided an operational update detailing successful results at its core producing fields.
At the Grand Isle 16 field, the Winters well (100% WI/78.5% NRI) has been drilled to 16,500 feet true vertical depth (TVD), encountering 83 net feet of pay in the K-2 sand. The well was completed and placed on production at 45 million cubic feet per day (MMcf/d) and 711 barrels of condensate per day, gross, resulting in net production of 6,425 barrels of oil equivalent per day (BOE/d). "The Winters well is an outstanding success, producing at one of the highest rates of any well on the Gulf of Mexico shelf today," Energy XXI Chairman and CEO John Schiller said.
In the Main Pass 72 field (100% WI/83% NRI), the Onyx well has seen continued improvement in rates. In June 2011, the well was completed and placed on production at 2,100 barrels a day of crude oil, gross. Onyx is currently producing 3,100 barrels of oil per day, indicating the well penetrated a larger reservoir than originally estimated. "The increase in flow rates and stable flowing tubing pressures from the Onyx well, combined with recent pressure transient analysis, appear to indicate that we have under-estimated the size of the discovery," Schiller said. "We are planning both a recompletion and a development well to better delineate the reservoir. At 3,100 barrels of oil per day, Onyx is currently the highest-producing oil well on the Gulf of Mexico shelf."
At the South Timbalier 54 field (100% WI/ 87% NRI), the Camshaft well has been drilled to 12,743 feet, with preliminary estimates of approximately 180 net feet of oil pay in the G-6B, G-7, G-8 and G-9A sands. Completion activities are ongoing and the well is expected to be on production in March at an estimated 1,900 BOE/d gross.
At West Delta 73 (100% WI/83% NRI), the Magnum well was drilled to 8,500 feet, encountering 50 feet of net oil pay in the F-30, F-35 and F-40 sands. The well is currently being completed and production is expected in March at an estimated 1,000 BOE/d gross.
At the Grand Isle 16 field, the Winters well (100% WI/78.5% NRI) has been drilled to 16,500 feet true vertical depth (TVD), encountering 83 net feet of pay in the K-2 sand. The well was completed and placed on production at 45 million cubic feet per day (MMcf/d) and 711 barrels of condensate per day, gross, resulting in net production of 6,425 barrels of oil equivalent per day (BOE/d). "The Winters well is an outstanding success, producing at one of the highest rates of any well on the Gulf of Mexico shelf today," Energy XXI Chairman and CEO John Schiller said.
In the Main Pass 72 field (100% WI/83% NRI), the Onyx well has seen continued improvement in rates. In June 2011, the well was completed and placed on production at 2,100 barrels a day of crude oil, gross. Onyx is currently producing 3,100 barrels of oil per day, indicating the well penetrated a larger reservoir than originally estimated. "The increase in flow rates and stable flowing tubing pressures from the Onyx well, combined with recent pressure transient analysis, appear to indicate that we have under-estimated the size of the discovery," Schiller said. "We are planning both a recompletion and a development well to better delineate the reservoir. At 3,100 barrels of oil per day, Onyx is currently the highest-producing oil well on the Gulf of Mexico shelf."
At the South Timbalier 54 field (100% WI/ 87% NRI), the Camshaft well has been drilled to 12,743 feet, with preliminary estimates of approximately 180 net feet of oil pay in the G-6B, G-7, G-8 and G-9A sands. Completion activities are ongoing and the well is expected to be on production in March at an estimated 1,900 BOE/d gross.
At West Delta 73 (100% WI/83% NRI), the Magnum well was drilled to 8,500 feet, encountering 50 feet of net oil pay in the F-30, F-35 and F-40 sands. The well is currently being completed and production is expected in March at an estimated 1,000 BOE/d gross.
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