Entek Energy Finds Hydrocarbons in Gulf of Mexico


Entek Energy Limited announced that well A-11 on NorthPadre Block 975, in which it is earning a 25% Working Interest, has successfully logged pay at multiple levels including the B7 primary target objective.

The well has reached a Total Depth of 7,983’ MD and 7,573’ TVD and has encountered all objectives. Based on initial technical review, a 5 inch production liner is being run to the Total Depth of the well. The plan is to complete the B7 interval first to produce the initially targeted 4 BCF of natural gas and test the remaining sands potential for an additional 2 BCF in the future after depletion of the B7 interval. It is estimated that the well will take a further 15 days to complete and tie-in to production through the Block 975 “A” Platform from which it was drilled.

BACKGROUND

Entek is farming into the PN 975 A-11 ST01 well to earn a 25% Working Interest. Under the terms of the Participation Agreement that has been executed between Peregrine Oil & Gas II, LLC, as Lessor of the Block and Entek, Entek’s production from the A-11 ST01 well can be processed through the existing North Padre Area, East Addition, Block 975 “A” Platform at pre-agreed terms.

Conservative projected earnings from the well indicate payback of Entek’s estimated $1,250,000 completed well cost share within 12 months, at which time there will still be approximately 70% remaining of the initial 4 BCF reserve with potentially a further 2 BCF of upside reserve.

[mappress]

Source: entekenergy, May 17, 2010;

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