Offshore staff
Cal Dive International Inc. subsidiary Energy Resource Technology Inc. has acquired a 37.5% working interest in the Bass Lite discovery in the Gulf of Mexico. Bass Lite lies in Atwater blocks 182, 380, 381, 425, and 426 in 7,500 ft water depth. ERT has also acquired varying interests in 50 other blocks of exploration acreage in the eastern portion of the Atwater lease protraction area from BHP Billiton.
Bass Lite contains proved undeveloped (PUD) gas reserves in a sand discovered in 2001 by the AT 426 No. 1 well. The company's interest in the Bass Lite field has been dedicated to the Independence Hub; however, the final development plan will ultimately be determined by the Bass Lite working interest owners at the time of sanctioning.
ERT has purchased seismic data to evaluate leads and prospects identified on the exploration acreage.
According to Owen Kratz, Cal Dive chairman and CEO, "The acquisition of the Bass Lite interest along with the Atwater Valley exploration acreage marks a major step forward with our production contracting strategy."
The company can earn an attractive blended financial return from the ownership interest in the PUD as well as potential deepwater pipelay work, drilling utilization from theQ4000, and production handling fees at Independence Hub, Kratz says. Cal Dive will also seek to retain ownership interests in hydrocarbon reserves discovered with the Q4000 in adjacent properties, according to Kratz.
Cal Dive and ERT have been active in the deepwater GoM for the past three years with participation as a 20% interest owner in the Gunnison spar development, as well as innovative infrastructure ownership participation as a 50% owner of the Marco Polo TLP and 20% owner of the Independence Hub. ERT has also taken a 30% interest in the deepwater discovery Telemark in AV block 63.
4/21/05
