Vastar Resources Inc., Houston, said last week it has made a "significant" deepwater discovery after testing the Entrada discovery well on Garden Banks Block 782 in the Gulf of Mexico. Vastar told analysts the field could contain as much as 150 million boe.
The Garden Banks 782 No. 1 exploratory well encountered more than 360 ft of net pay in four high-quality intervals, all of which generally met or exceeded anticipated thickness, Vastar said. Drilled in 4,642 ft of water, the No. 1 well reached a true vertical depth of 15,717 ft.
Vastar plans to keep the rig, Ocean Victory, on location to conduct appraisal drilling at Entrada. Vastar is operator and 80% interest owner of Block GB 782, adjacent Blocks GB 826 and 827, and nearby Block GB 785. Callon Petroleum Co. holds a 20% working interest in all four blocks.
Next on Vastar's list of deepwater Gulf of Mexico prospects to drill is the Aspen prospect on Green Canyon Block 243. The company also announced accelerated production target date of late 2002 for its Horn Mountain field, on Mississippi Canyon Blocks 126 and 127, instead of the original target date in mid-2004. Vastar also said deepwater production began last month from King field on Mississippi Canyon Block 764.
Vastar postulates Horn Mountain potential reserves at more than 150 million boe, with peak gross flow rates of 70,000 boe/d expected from the field by mid-2003. Gross production from King is about 6,100 boe/d from a subsea completion of the discovery well, limited by processing capacity on a nearby platform, says the firm.