Seagull took part in 11 high bids at the federal lease sale
Sept. 1, 1998 Seagull Energy Corporation said that its exploration and production subsidiary took part in 11 high
bids submitted at the federal lease sale conducted Aug. 26. Seagull had bid on a total of 18 blocks.
The Company was an aggressive bidder on several hotly contested blocks. It was the apparent high bidder on Alaminos
Canyon blocks 947 and 903, where the gross high bids were $ 37.4 million, the highest single bid in the sale, and $
21.8 mm, respectively. Its partners are Union Oil Company of California, the operator, and British-Borneo Petroleum
Seagull has a 15 % working interest in these 2 blocks and interests ranging from 20 to 100 % in the other 9.
"Our portion of the 11 high bids totals slightly more than $ 21 mm, " noted Seagull Chairman Barry J. Galt, "so we
have added significantly to our growing inventory of high-potential Gulf of Mexico deep water tracts.
"Combining these additional blocks with the exploratory program already underway on our 3 off-Louisiana deep water
tractsclearly validates our standing as a credible participant in the search for deep water oil and gas in the Gulf
of Mexico," he explained.
Off Louisiana, Seagull plans to drill 2 deep wells, 1 at Mississippi Canyon 496 and 1 at Mississippi Canyon 985. The
Company has a 25 % interest in each of these blocks, which are operated by a unit of Shell Oil Company.
