Project Profile
Location: approx. 50 kms south of the SMI-6 licence, Gulf of Mexico, USA
Reserves: prospective resource of Oil 2,277 Mbbl and a prospective resource of Gas 1,680 Mscf
Area: 34.29 km2
Production: 5.9mmbo and 16Bcf of gas
Depth: 7,000 feet
Start-up year: March 2018 (SM 71)
The SMI-70/71 licences are approx. 50 kms south of the SMI-6 licence. The license covers an area of 34.29 km2. Whilst the SM-6-2 and the SM-71-1 wells both target salt dome related features which have seen prolific oil and gas production, they are geologically and geographically distinct. The SM-71 well will target the primary D5 sands at less than 7,000 feet in a benign pressure regime. Well design has been purposefully kept simple. The combined production from the blocks totals 5.9mmbo and 16Bcf of gas.
Otto Energy has exercised its option to participate in the drilling of the SM-71-1 well in the South Marsh Island 71 licence with Byron Energy. The SM-71-1 well is a salt dome play where over 116 million barrels of oil and 375 billion cubic feet of gas have already been produced.
The Hercules 205 drilling rig which undertook the drilling of the SM-6-2 well will be mobilised to the SM-71-1 well location, with drilling operation expected to take approx. 20 days once on location. Drilling of the well will earn Otto the rights to the following net revenue interests:
- Oil Mbbl (1P-2P-3P)- (249 – 343 - 520) and a prospective resource of Oil 2,277 Mbbl
- Gas Mscf (1P-2P-3P)- (135 - 186 - 323) and a prospective resource of Gas 1,680 Mscf
Operators:
Otto Energy: Operator with 50% interest
Byron Energy: 50% interest
Contractors:
Hercules Offshore: Drilling contract using the Hercules 205 drilling rig
Laredo Construction: To provide a used tripod jacket, decks, helideck, boat landing and production equipment that will be set and utilized at South Marsh Island Block 71 discovery.