Spinnaker has four new discoveries in the Gulf of Mexico

Spinnaker Exploration Co. has made four new discoveries of natural gas and oil on the Gulf of Mexico (GOM) shelf. Additionally, the company and its partners have had success with the eighth well drilled in the Front Runner project.

May 28th, 2003

Spinnaker Exploration Co. has made four new discoveries of natural gas and oil on the Gulf of Mexico (GOM) shelf. Additionally, the company and its partners have had success with the eighth well drilled in the Front Runner project.

The Brazos A-17 No. 1 is in 130 ft of water, 55 mi southwest of Freeport, Texas. Spinnaker encountered two productive sands in the Cib Carst section above 8,600 ft. The company has run production casing and suspended the well at the mud line. The new field will be serviced by a braced caisson platform and should begin production by November 1.

Spinnaker drilled the East Cameron 312 No. 1 and No. 2 wells from a common surface location and discovered hydrocarbons in separate structural traps. The wells are in 210 ft of water, 115 mi southeast of Cameron, Louisiana. The company found natural gas in the EC 312 No. 1 Trim A section and drilled to 4,862 ft total depth.

Spinnaker drilled the EC 312 No. 1 to 8,282 ft and found oil and gas in a relatively thick Ang B sand. The company has cased the 312 No. 1 well for production and has logged and will case, complete, and production-test the 312 No. 2 well prior to drilling the 312 No. That well will test a nearby fault block related to the productive section in the EC 312 No. 2 well. It is anticipated that a new production platform will be constructed for this development. First production is anticipated in 4Q 2003.

The company drilled the High Island 47 No.1 well to a total depth of 10,595 ft. The well, located in 30 ft of water, encountered a relatively thick section of productive Marg A sand and is completing. A second well will be started following completion operations. That well will test a separate fault block that is related to the HI 47 No. 1 discovery. First production from the new field is expected by 4Q 2003.

Spinnaker has drilled the Green Canyon 338 No. 8 to 20,851 ft. Production casing has been run and the operator is drilling toward a projected total depth of 21,600 ft. The company calculates that 420 ft of true vertical depth pay has been encountered thus far in the well.

05/28/03

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