Basin Exploration has discovery in Gulf of Mexico
Basin Exploration has announced an exploratory discovery on Eugene Island Block 65, located in shallow waters offshore Louisiana in the Gulf of Mexico. The discovery well, Eugene Island 65 OCS-G 16343 #1, has been directionally drilled to a true vertical subsea depth of approximately 13,221 feet. The well encountered an estimated 111 net feet of gas/condensate pay in two primary-objective Miocene sands, as determined from electric and other logs. No zones have been tested in the well, which has been cased to the depth drilled. The drilling rig remains on location and Basin and its partners intend to resume drilling to test an additional, secondary-objective sand at a measured depth approximately 1600 feet deeper. Field development plans will be formulated after the well has reached total depth, to incorporate data obtained from the deeper untested prospective interval. Basin operates the property with a 37.5% working interest before payout and 47.5% working interest after payout. Other owners include Ashland Exploration, Inc., Forest Oil Corporation and Hall-Houston Oil Company.