Gulf discovery tests at 16,000 barrels of equivalent per day

Exploration and production independent Magnum Hunter said Nov. 24 it participated in an offshore discovery on the Gulf of Mexico’s continental shelf that flow tested at a 16 million cubic feet of gas equivalent per day.

Magnum said first production from the West Cameron 403 No. 1 well is expected in the first quarter of 2004 from a caisson structure currently being installed. The well was drilled to a depth of 7,750 feet and encountered 106 feet of gas pay.

Fellow independent Remington Oil & Gas holds a 60 percent interest in Western Cameron Block 403 and serves as operator. Magnum has a 40 percent working interest in the block and a 33.33 percent net revenue interest.

Magnum is estimating an additional 20 million cubic feet of new daily gas production will be brought on-line during this year’s fourth quarter and next year’s first quarter from various lease blocks in the gulf.