Cal Dive successfully completes subsea well
Posted: 4 December 2003
Energy Resource Technology, a wholly owned subsidiary of Cal Dive
International, Inc, successfully drilled, completed and brought
online its second company-operated subsea well.
The High Island A 544 well #2, drilled in 235 feet of water to
a total measured depth of 3,800 feet by the Ensco 69 drilling rig,
encountered 15 feet of apparent natural gas pay in a single interval.
The initial flow rate was 6400 MCFD at 1200 psi flowing tubing pressure.
Cal Dive fabricated and installed an 11,700 foot subsea flowline
to an ERT-operated host platform and provided the subsea tree from
its full field inventory. Cal Dive's DSV Witch Queen laid the flowline
while the Cal Diver I assisted with commissioning the well. ERT
has 100 per cent ownership of the well and platform.
Johnny Edwards, President of ERT, noted, "Successful completion
of the High Island subsea well demonstrates ERT's ongoing strategy
to add value to acquired properties. High Island A 544 was among
properties acquired from Williams Production Company in June 2002.
No reserves were assigned to this field in the acquisition economics.
ERT subsequently acquired 3-D seismic for the block and independently
worked and mapped the target zone, which essentially twinned a well
drilled in the 1970s.
"The property interests acquired from Williams, together with
those in larger acquisitions from Shell and Amerada Hess also completed
in 2002, have provided ERT a two to three-year backlog of wellwork,"
Mr. Edwards continued. "Successful exploitation of these properties
is key to maintaining our shelf production at a time when high commodity
prices make additional property acquisitions difficult."
Cal Dive International, Inc., headquartered in Houston, Texas,
is an energy service company specializing in well operations and
subsea construction.
CDI operates a fleet of technically advanced marine construction
vessels and robotics worldwide and conducts salvage operations in
the Gulf of Mexico. Energy Resource Technology, Inc., a wholly owned
subsidiary, acquires and operates mature and non-core offshore oil
and gas properties.
Certain statements in this press release are "forward looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are neither statements
of historical fact nor guarantees of future performance or events.
Forward-looking statements involve risks and assumptions that could
cause actual results to vary materially from those predicted. Among
other things, these include unexpected delays and operational issues
associated with turnkey projects, the price of crude oil and natural
gas, weather conditions in offshore markets, changes in site conditions
and capital expenditures by customers.
For a more complete discussion of these risk factors, see our Annual
Report on Form 10-K/A for the year ended December 31, 2002, filed
with the Securities and Exchange Commission.
The company strongly encourages readers to note that some or all
of the assumptions upon which such forward-looking statements are
based are beyond the company's ability to control or estimate precisely
and may in some cases be subject to rapid and material change.
For more information see http://www.caldive.com.
Posted by Richard Price,
Editor Pipeline Magazine
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