Spinnaker announces natural gas discovery in Gulf of Mexico

Jul 27, 2001 02:00 AM

Spinnaker Exploration announced a natural gas discovery at its Stirrup Prospect on Mustang Island Block 861 in the Gulf of Mexico. The Mustang Island 861 No. 1 was drilled to 17,123 feet, tested middle Frio sands and established the geologically oldest production on the Shelf of the Gulf of Mexico and west of the Mississippi River. The discovery is located 25 miles south of Corpus Christi in about 54 feet of water. The well found gas-bearing sands in four major sequences. Three were tested, including the S-3 sand, which flowed at rates of 21.1 mm cf of gas and 130 barrels of condensate.
Spinnaker operates the Stirrup Prospect with a 42 % working interest and a 34 % net revenue interest. Partners are Dominion Exploration & Production, with a 33 % working interest, and Pioneer Natural Resources, with a 25 % working interest. Also, Spinnaker boosted its proved reserves to 307.2 bn cf of gas equivalent at mid-year. The amount represents a 150 % increase over June 30 of last year and a 68 % increaseover Dec. 31.

Source: HoustonChronicle.com
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