Contango Oil & Gas Company (NYSE MKT: MCF) announced today that it has reached
total depth on its Ship Shoal 134 prospect (Eagle) and no commercial
hydrocarbons were found. The Company will proceed to plug and abandon the
well. The Company expects to incur approximately $29.5 million to drill, plug
and abandon this well, including leasehold costs. We continue to drill ahead
with our South Timbalier 75 prospect (Fang). We are running a drilling liner
and expect to reach total depth by late-November 2012.
Brad Juneau, the Company's President and Acting Chief Executive Officer, said,
“While we are certainly disappointed with the results of Eagle, we fully
intend to continue drilling our inventory of offshore prospects, which has
been the foundation of our growth over the past several years. We have
sufficient cash on hand and expected revenues from operations to drill our
offshore acreage inventory during its primary term. After subtracting G&A
costs and lease operating expenses, our net monthly revenues are approximately
$7.5 million per month, net to the Company.”
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: News
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in