LLOG claims additional GoM discoveries

LLOG Exploration Co. has claimed nine additional discoveries from its 2008 drilling program in the Gulf of Mexico.

Offshore staff

COVINGTON, Louisiana -- LLOG Exploration Co. has claimed nine additional discoveries from its 2008 drilling program in the Gulf of Mexico. Three are in deepwater: Mississippi Canyon block 754, Green Canyon block 141, and GC 201; five on the shelf; and one in Texas state waters.

In 2008, LLOG participated in 34 wells resulting in 23 successful completions yielding a 68% gross success rate (73% net). Seven of the discoveries are currently producing.

LLOG has five deepwater discoveries in development including MC 72 which is scheduled for first production by early third quarter of this year. Its discoveries in GC 448, GC 141, and MC 754 are targeted for first production by mid-2010, and MC 503 is projected to come on line in early 2011.

LLOG's net production exceeded 200 MMcfe/d in early February. The company holds working interests in 90 deepwater blocks and 93 on the shelf, with a five-year drilling portfolio of over 100 prospects.

"Despite having one of our best exploration years in the company's history, 2008 was an extremely challenging year," says Scott Gutterman, LLOG president and CEO. "In the short term, we have moderated our exploration activities and are focused on building our production base from known discoveries. As conditions stabilize, we will shift back to adding value through our excellent prospect portfolio."

3/6/2009

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