EnVen Energy Corporation announced that it spud its King Crab well on Ewing Bank Block 873 in its Lobster field in the Gulf of Mexico. The King Crab well targets an oil-focused reservoir approximately 14,000 feet subsea with seismic amplitudes consistent with and comparable in size and thickness to existing producing Lobster zones (Bul 1 and Cris S) that have produced approximately 150 MMBO to date.
The well is being drilled from the Lobster platform enabling initial production within days following completion operations, if successful. EnVen said it expects results from the well in the first quarter of 2019.
EnVen also announced that the Transocean Pontus drillship is expected to mobilize in early December to Green Canyon Block 248 in EnVen’s Glider field to execute its GL-5 sidetrack project, also located in the Gulf of Mexico.
The GL-5 project targets the same oil reservoir (J Sand) that went offline in the existing wellbore in early 2015 due to mechanical failure. Prior to that failure, the GL-5 well was producing approximately 5,000 BOPD.
EnVen said it expects results from the sidetrack in the first quarter of 2019, and initial production within days following completion operations, if successful.
EnVen is the operator of both wells and owns 100 percent working interest in each.
Commenting on these announcements, Steve Weyel, EnVen’s Chairman and Chief Executive Officer, said, “King Crab and GL-5 represent two material near-term catalysts for EnVen’s continued growth and success. After months of careful planning and work by the EnVen team, we are excited that initial operations are underway and look forward to the results.”