Stone Energy Makes Deepwater Discovery in Gulf of Mexico

2 June 2009 (Last Updated June 2nd, 2009 18:30)

US-based Stone Energy Corporation has announced a discovery at its deepwater Pyrenees prospect, located on Garden Banks block 293. The well encountered about 125ft of net hydrocarbon pay in three zones. Stone Energy has a 15% working interest in the Gulf of Mexico prospect and a

US-based Stone Energy Corporation has announced a discovery at its deepwater Pyrenees prospect, located on Garden Banks block 293.

The well encountered about 125ft of net hydrocarbon pay in three zones.

Stone Energy has a 15% working interest in the Gulf of Mexico prospect and a small overriding royalty. The Pyrenees well has been temporarily abandoned while the partnership is working on field development plans.

Delineation drilling on the Pyrenees discovery is planned for the second half of 2009.

“This is an important exploration well for Stone Energy,” said president and CEO, David Welch.

"Pyrenees is the first prospect for Stone's new deepwater exploration team, which is headed by Rich Smith. We hope for Pyrenees to be the first of a number of deepwater successes for Stone."

Newfield Exploration Company operates the development with a 40% working interest. Additional partners include Stone Energy Corporation, Ridgewood Energy Corporation, Arena Exploration and Deep Gulf Energy LP, each with a 15% interest.