Tuesday, 17 September 2019

Oil & Gas News

Stone Energy Corporation Announces Deep Water Exploration Discoveries

StoneEnergylogoStone Energy Corporation (NYSE: SGY) has announced exploration discoveries at its deep water Amethyst and deep gas Tomcat prospects. Stone operates and owns a 100 percent working interest in both discoveries.

The deep water Amethyst exploration well in Mississippi Canyon block 26 encountered approximately 90 feet of net hydrocarbon pay in one interval which suggests a commercial discovery. Analysis of logging, coring and fluid data confirmed the existence of natural gas, condensate and natural gas liquids in the pay zone (an estimated yield of 60-80 barrels of liquids per million cubic foot of natural gas). The interval has been placed safely behind pipe for a future completion. A full evaluation, including seismic and subsurface data integration, is needed before hydrocarbon quantities can be estimated and a specific development plan is sanctioned. A single or multi-well tie-back to Stone's 100 percent owned Pompano platform, located less than 5 miles from the discovery, is a likely development option.

The results at the deep gas Tomcat exploration prospect at West Cameron block 76 also suggest a commercial discovery with approximately 30 feet of net hydrocarbon pay in the Camerina interval. Well log analysis, combined with offset Camerina production history, would suggest the zone should produce rich natural gas with approximately 60 barrels of condensate per million cubic feet of natural gas as well as additional natural gas liquids volumes. Initial development plans call for a tie-back to a nearby Stone operated East Cameron block 64 production platform with production estimated to commence in second half of 2014.

Chairman, President and Chief Executive Officer David H. Welch stated, "It is a great start to the year to make discoveries at Amethyst and Tomcat, our two 100 percent working interest exploratory prospects. The close proximity of both prospects to Stone platforms should provide us with attractive development options and enhance the economic value of the discoveries. The knowledge and information gained from the Amethyst well will also be helpful in evaluating our existing portfolio of prospects in the Mississippi Canyon area where we expect to be an active player for the next several years."

The rigs remain on location at both Amethyst and Tomcat to conduct operations to prepare the wells for future production.

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