Forcenergy Announces Second Successful Exploration Well in Avenger Prospect.MIAMI--(BUSINESS WIRE)--Aug. 28, 1997-- -- Apparent High Bidder on 16 Tracts in Western Gulf of Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. Lease Sale; Redoubt re·doubt n. 1. A small, often temporary defensive fortification. 2. A reinforcing earthwork or breastwork within a permanent rampart. 3. A protected place of refuge or defense. Shoal Unit Awarded by State of Alaska, 500 Square Mile 3-D Survey Underway Offshore Gabon; Second Successful Avenger Exploratory Well -- Forcenergy (NYSE NYSE See: New York Stock Exchange :FEN Fen (fŭn), river, 375 mi (604 km) long, rising in the Wutai Mts. and flowing southwest, through a narrow valley, to the Huang He, Shanxi prov., N central China; navigable for small junks only in its lower course. ) today announced that it has successfully drilled a second exploration well in its Avenger prospect located in the High Island area of the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . The most recent well encountered 52 feet of natural gas pay and 35 feet of crude oil pay in four sands in a separate fault block from the previously announced prospect discovery well. Development plans for the prospect call for the installation of a minimal-type structure followed by the completion of the discovery well, the drilling of two additional exploratory wells and the completion of the most recent well. Forcenergy expects that initial production from the prospect will occur during the first quarter of 1998 at net rates of approximately 15,000 to 20,000 Mcf per day. Forcenergy Apparent High Bidder on 16 Lease Blocks Forcenergy was the apparent high bidder on 16 lease blocks at the OCS OCS - Object Compatibility Standard Western Gulf of Mexico lease sale. Forcenergy's total net exposure if all of the 16 lease blocks are awarded is approximately $12.8 million. Twelve of the lease blocks were bid with industry partners and nine of the 16 lease blocks are located in the deep waters "Deep Waters" is a short story by P. G. Wodehouse, which first appeared in the United States in the March 25 1910 issue of Collier's Weekly, and in the United Kingdom in the June 1910 issue of the Strand. of the Gulf of Mexico. Redoubt Shoal Unit Granted by State of Alaska Forcenergy also announced on Thursday that it has received approval from the State of Alaska for the formation of a 23,526-acre unit covering Forcenergy's 100 million-barrel Redoubt Shoal oil prospect. The unit formation, covering five separate lease tracts, is a crucial step in a five-year unit plan of exploration that includes a commitment to conduct and process a 3-D seismic survey prior to year- end 1997. Forcenergy is presently completing the acquisition of a 73 square mile proprietary 3-D seismic survey of the prospect and plans to complete acquisition and processing prior to December 1997. The unit plan of exploration also requires that Forcenergy commence drilling of a confirmation well by year-end 1999 or contract for the construction of a platform by January 1, 2000. Forcenergy Commences 3-D Survey Offshore Gabon Forcenergy and its partner, Phillips Petroleum, have commenced the acquisition of a 500 square mile proprietary 3-D seismic survey on the Gryphon Marin Concession, offshore Gabon. The 3-D seismic survey will be the first modern seismic information available on the 3,764 square mile offshore concession. Stig Wennerstrom, Forcenergy's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , made the following remarks concerning these recent developments: "As is apparent from today's news release, Forcenergy is extremely active in each of our core areas while we are also diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d pursuing future growth through international opportunities. Our recent successes in the Gulf of Mexico should continue to provide strong year-to-year production growth while our lease sale activity replenishes our drilling inventory. Including a deep-water prospect leased in the previous lease sale, Forcenergy is developing an attractive portfolio of prospects in the deeper waters of the Gulf of Mexico." Mr. Wennerstrom continued: "We are especially pleased with the awarding of the Redoubt Shoal unit from the State of Alaska and the cooperation we received from the State. We are on schedule with the Redoubt Shoal 3-D survey and are currently planning additional seismic shoots in the near future. We continue to believe that a significant reserve impact can be achieved through our Alaskan exploration program planned for the next 24 months. "We have accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. a large acreage position offshore Gabon. The Gryphon Marine 3-D seismic survey will hopefully result in a number of additional drilling opportunities. The second well on the Company's Phenix Marin concession is scheduled to be drilled later this fall. The well will test a structure previously identified through an exploratory well drilled in late 1996. Gross unrisked reserve potential of over 200 million barrels will be tested with the second Phenix Marin well." Certain statements in this news release regarding future expectations and plans for future drilling activities may be regarded as "forward looking statements" within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act. They are subject to various risks, such as financial market conditions, commodity price variations, equipment availability, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc underground accumulations of oil and gas, as well as other risks discussed in detail in the Company's SEC filings, including the Annual Report and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1996. Actual results may vary materially. CONTACT: Forcenergy Inc, Miami J. Russell Porter Michael T.McNamara 305/856-8500 |
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