Saratoga gets four shallow-water GoM leases

Saratoga Resources (NYSE MKT: SARA) has won four leases in the shallow waters of the Central Gulf of Mexico from the U.S. Bureau of Ocean Energy Management.

Offshore staff

HOUSTON –Saratoga Resources (NYSE MKT: SARA) has won four leases in the shallow waters of the Central Gulf of Mexico from the U.S. Bureau of Ocean Energy Management.

The four lease blocks, Ship Shoal area blocks 78 and 110, and two adjoining blocks in the Vermilion area, blocks 152 and 153, cover 19,814 acres (80 sq km) on a net and gross basis, and are all in the shallow Gulf of Mexico in water depths of 13 to 77 ft (4 to 23 m).

The leases contain multiple prospects, says Saratoga, all well-defined by high-quality 3D seismic data and tied to well control with production tests, log pay, or sidewall core shows. Furthermore, the company says, most of the prospects have amplitude versus offset (AVO) support.

Saratoga will be seeking joint venture partners for these blocks with first drilling targeted for 2014.

7/9/2013

More in Regional Reports