Newfield Exploration Co. on Thursday announced letters of intent with partners ExxonMobil Corp., BP Exploration & Production Inc. and an undisclosed third party to drill an exploration well on the Blackbeard West Prospect in the company’s Treasure Island play in the Gulf of Mexico (GOM).
Treasure Island is an ultra-deep play in the shallow waters offshore Louisiana, and a Treasure Island Royalty Trust was established after Newfield acquired EEX Corp. in November 2002. Its sole purpose is to hold non-expense bearing overriding royalty interests in future production from the ultra-deep zones of the area.
Under the terms of the letters, the well will spud by Jan. 31, 2005. The well is being designed to test prospective objectives that range from 27,000 feet to more than 30,000 feet, and the prospect covers multiple blocks in the South Timbalier and Ship Shoal regions. ExxonMobil will operate the prospect. The undisclosed third party’s participation is subject to approval by Newfield’s board. Newfield will hold a 23% working interest.
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