Bayou Bend Petroleum has entered into a Joint Exploration Agreement (JEA) with Contango Operators and its partners (collectively the Contango Group) to contribute acreage and jointly drill and develop the Marsh Island Phase 1 area Mount Moran North prospect in Eugene Island block 10 in Louisiana state waters.
Offshore staff
VANCOUVER -- Bayou Bend Petroleum has entered into a Joint Exploration Agreement (JEA) with Contango Operators and its partners (collectively the Contango Group) to contribute acreage and jointly drill and develop the Marsh Island Phase 1 area Mount Moran North prospect in Eugene Island block 10 in Louisiana state waters.
The company and its Marsh Island Phase I partners will together hold a 35% working interest in the JEA covering portions of State Leases 19269, 19266, 19397, and 18640. Contango will operate the second well to be drilled on SL No.19266 and, if successful, production will flow through Contango's platform H in Eugene Island block 11. The rig contracted for the well isAtwood Richmond.
"This project continues our exploration effort on the southeast flank of our Marsh Island project area," says Clinton Coldren, president of Bayou Bend. "The first well (Eagle's Nest) was a success and we plan to continue this trend. The drilling of this prospect also exposes the company to potential near term reserve and production growth as we continue to focus on maturing the other prospects in the Marsh Island Phase 1 area."
