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Napoleonville Salt Dome Seismic Litigation
The Company confirms it has settled all litigation matters in respect of the usage of the seismic. This now clears the way for the Company and its partners to move forward with development of the dome and in particular to prepare for drilling of Louise.
Louise, Assumption Parish, Louisiana, Non Operator 15.3WI% (paying 9.8% of dry hole costs)
Settlement of the seismic litigation has removed the last legal obstacle for the commencement of drilling preparation at Louise.
This prospect was developed using proprietary 3D seismic data by the Company’s in-house Geological and Geophysical team. The prospect follows the same style as Desiree and is located to the immediate south of Desiree.
A well to test the Louise prospect is expected to penetrate an accumulation of oil in a 3D-defined, normally pressured, block updip from a productive well where an equivalent target interval has produced 2.2 MBL’s oil and 10.5 BCF gas.
The Louise well is expected to be drilled in the December 2013 quarter and is targeting an estimated resource of between 600,000 to 800,000 bbls of oil. This well is considered low risk both from drilling operations and geological and geophysical perspectives.