Entek Energy Limited is participating in an exploration well to be drilled in State Lease No. M-106410, Block 24-L S/2 SW/4, State of Texas Offshore waters. The well is expected to spud within the next 7 days.
The test well will be drilled to the approximate depth of 4,326 metres subsea depth. The well is expected to take approximately 40 days to drill.
Entek is farming out its 20% interest in the Block to US based independents for a free carry in the well and in so doing is retaining a 5% Working Interest before Royalty burden.
The announcement that Entek was part of a consortium that was high bid for this block was made in the Quarterly Report to 31 st March 2006, released to the market on April 21 st 2006. In that announcement, the company indicated it expected exploration activity to commence the last half of 2006.
Entek remains committed to increasing its interest and activity in the Gulf of Mexico in what management considers low risk oil and gas targets in shallow waters with an established infrastructure to facilitate early exploitation of any discovery.
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