Entek Energy Makes New Oil Discovery in Gulf of Mexico

5 June 2011 (Last Updated June 5th, 2011 18:30)

Australia's Entek Energy has made a new oil discovery in the first well on Vermilion block 342 in the Gulf of Mexico. The preliminary analysis of the finding indicated the well had intersected more than 40ft of net oil pay in the primary L1 sand target, with an API gravity of 32°.

Australia’s Entek Energy has made a new oil discovery in the first well on Vermilion block 342 in the Gulf of Mexico.

The preliminary analysis of the finding indicated the well had intersected more than 40ft of net oil pay in the primary L1 sand target, with an API gravity of 32°.

The company said the results are in line with pre-drill predictions that estimated a potential of 4.8 million barrels of oil and 6.3 billion cubic feet of gas, and that it has no plans to test the flow rate.

Before drilling the planned total depth of 8,552ft, Entek will run side-wall cores to gather further reservoir and oil character information, according to upstreamonline.com.

Entek and Peregrine Oil & Gas each hold a 50% working interest in Vermillion block 342.