Vermilion (VR) 341/342
Entek Energy Limited and its co-bidder have officially been awarded Vermilion Block 341 and Block 342 in the Vermilion Area, South Addition, after being confirmed as joint high bidders on the blocks in the MMS Central Lease Sale 213 which closed on 17th March
2010. (See ASX release 22nd March 2010).
Vermilion 342 has a number of wells drilled on the block. These wells have discovered approximately 1.2 MMBO and 3.0 BCF of natural gas. The structure extends into the Vermilion 341 Block. Upside exploration potential on both blocks has been estimated at 4.0 MMBO and 6.0 BCF of natural gas.
A summary of terms and details of the blocks is provided in the table below.
Entek joint bid these blocks with a partner with significant Gulf of Mexico operating experience, eliminating the need to farm out and enabling the early and efficient development of the blocks.
