| 21:56 25/06/2011 | Rides XOM Purchase To Great First Half |
| Energy XXI Rides XOM Purchase To Great First Half Jun. 25 2011 - 11:42 am http://blogs.forbes.com/joanlappin/2011/06/25/energy-xxi-rides-xom-purchase-to-great-first-half/ At the end of 2010, Energy XXI purchased a billion dollars worth of declining oil and gas properties from Exxon Mobil, in the Gulf of Mexico. One company’s declining fields can be a small company’s fantasy purchase and so this was. Exxon is so huge that after a certain point, spending money to stimulate and maintain fields that had been producing for years became small or irrelevant potatoes. To an emerging oil and gas company such as EXXI, it’s a challenge it was willing to take on to develop and exploit properties near wells it already owned and operated. At the end of 2010, EXXI had production of its own of 26,000 BOE of production. Combined with the wells in the properties purchased from Exxon of 20,000 BOE, total production suddenly almost doubled to 46 BOE per day. The new Bureau of Energy Management delayed the transfer of several of the wells due to paperwork issues, in some cases going back years, but at this point transfer is down to the very last well, South Timbalier 54, and that well is expected to be transferred to EXXI’s control before the end of June, finally completing the transaction. The deal was valued at $80 per barrel and average production garnered more than $90 during the first half. The big story here is that more than $200 million of the debt taken on to complete the transaction will have been paid off in the first six months after closing. Acquired operating cash flow was $315 million. Volumes are now starting to rise so that if net prices remain above $90 in the second half, more than another $200 million should be repaid by year end. The original expectation was for a 39 month payout. It is possible that this debt payoff may be accelerated to 2.5 years, or 30 months, or even less as EXXI’s production wizards get to work on the acquired fields and volumes accelerate. As for EXXI’s participation in the McMoran Exploration (MMR) ultra deep Gulf of Mexico play, that, too, had many rewards in the first half. The second Davy Jones well has been announced as an important discovery. That validated the continuity of the Wilcox sands seen 2.5 miles away in Davy Jones 1 where more than 200’ of pay was announced in early 2010. Davy 2 has now been cased to the bottom which reached the targeted deeper Tuscaloosa sands. The Tuscaloosa has been a prolific producer onshore Louisiana for decades in such fields as the Judge Digby, Port Hudson and others. But evaluating the seismic data and log reports has not been easy. Davy Jones 2 , drilled to a depth of 30,450’, is the very first well drilled to these targets in the Shallow Water Ultra Deep Gulf of Mexico play. It has been cased to the bottom and will be completed in the Tuscaloosa. That implies that something is down there but what has not yet been announced. It’s a brand new world that reinforces the concept of pioneering that the partners led by Jim Bob Moffitt are engaged in. Onshore over the years, the Tuscaloosa has produced a lot of oil due to a temperature regression. We don’t know if that is possible in the Ultra Deep on the shelf. Apparently there are few geologists in the world who have the skill to interpret the logs and read the seismic data from the cretaceous to establish exactly what has been found 6 miles down. Investors cannot understand the delay in news but it appears this is the reason. It also appears that as this Ultra Deep play heats up, more deep pocketed players are showing up to participate. It is not in MMR and EXXI’s best interest to reveal all they know while jockeying for position in what is emerging as a very significant ongoing play. The Davy Jones complex has been described as a “giant success.” Production equipment has been ordered and the gating item appears to be the 25,000 lb. Blow Out Preventer that is be By SpikeyDT |
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| 14:33 16/06/2011 | RNS-Operations Update |
| DJ Energy XXI (Bermuda) Limited Operations Update TIDMEXXI RNS Number : 5771I Energy XXI (Bermuda) Limited 16 June 2011 Energy XXI Provides Operations Update -- Operatorship awarded on West Delta fields -- Production exceeds 46,500 BOE/d HOUSTON - June 16, 2011 - Energy XXI (NASDAQ: EXXI) (AIM: EXXI) today provided an operational update, including results of the first recompletion at the South Pass 89 field and drilling of the Onyx prospect at the Main Pass 73 field. In addition, the company announced it has been granted operatorship of the West Delta 30 and West Delta 73 fields obtained in the ExxonMobil asset acquisition in December 2010. "Gaining control of these fields allows us to move forward with our production optimization and capital programs," Chairman and Chief Executive Officer John Schiller said. "We expect to have the last field, South Timbalier 54, under our control by the end of the month." Exploration and Development Activity Within the company's core producing properties, located offshore Louisiana, the first of a six-well recompletion program at the South Pass 89 field has been successful. The A-15 well is currently flowing 18 million cubic feet per day and 300 barrels of condensate per day, with 3,100 pounds of flowing tubing pressure. The well, forecast to deliver 800 barrels of oil equivalent per day (BOE/d) net, is producing 2,500 BOE/d net. These production levels equal the company's pre-work estimate for the entire six-well program. At the Grand Isle 16 field, the company perforated a prospective natural gas zone in the J 21 well, which instead tested mostly oil at approximately 1,200 BOE/d. That well has been shut in until a platform rig is mobilized to complete work. In addition the Rowan EXL 3 rig, previously working for McMoRan, will be mobilized to Grand Isle 16 to perform three recompletions that have been identified to optimize production. Quarter-to-date, production has averaged approximately 42,500 BOE/d, benefitting from the success at South Pass 89 and other previously announced recompletions. Current production exceeds 46,500 BOE/d. This production level has been achieved despite the fact Energy XXI did not have operational control over the West Delta 73 and South Timbalier 54 fields, which are the largest fields added in the December 2010 acquisition. Near-term production also should be augmented by two successful wells at the Main Pass 73 field. The Onyx well was drilled to 5,635 feet and encountered two pay zones that were previously modeled as salt. The well was completed and initial testing is beginning today. The rig currently is being moved to begin completion operations on the Ashton well which, as previously announced, encountered seven pay zones. Combined initial production from Ashton and Onyx is expected to approximate 1,500 BOE/d within the next 30 days. Within the shallow-water, ultra-deep Gulf of Mexico shelf program, the McMoRan-operated partnership (in which Energy XXI has various interests) has continued activity at the Blackbeard East and Lafitte exploratory wells and the offset appraisal well at Davy Jones. The Davy Jones offset well, located on South Marsh Island Block 234 in 20 feet of water, has been drilled and cased to 30,450 feet. Logging operations have been completed and the logs are being evaluated. As previously announced, wireline logs indicated over 200 feet of gross sand and approximately 100 net feet of sand, based on porosity data available, in multiple Wilcox zones that appear to be hydrocarbon bearing. Below the identified Wilcox section the well encountered Upper Cretaceous, Tuscaloosa and Lower Cretaceous sections. The well is being readied for production once equipment has been procured, with expected first production to occur during the second quarter of calendar 2012. Energy XXI has a 15.8 percent working interest and 12.6 percent net revenue interest in Davy Jones. The Blackbeard E By SpikeyDT |
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| 11:26 03/06/2011 | NASDAQ Conferences in London |
| Energy XXI to Present at Enercom and NASDAQ Conferences in London June 2, 2011 11:16 AM ET HOUSTON, June 2, 2011 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI) (LSE:EXXI) today announced participation in two upcoming industry events in London. Executive Vice President Ben Marchive will present at Enercom's London Oil & Gas Conference at 2:30 PM GMT on June 16, 2011. Chairman and CEO John Schiller will present at NASDAQ OMX's 26th Investor Program at 10:15 AM GMT on June 21, 2011. Information regarding webcasting will be available on the Energy XXI homepage ( www.EnergyXXI.com ) in the Investor Relations, Events & Presentations section. About the Company Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company's properties are located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Seymour Pierce is Energy XXI's listing broker in the United Kingdom. To learn more, visit the Energy XXI website at www.EnergyXXI.com . The Energy XXI logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3587 CONTACT: Energy XXI Stewart Lawrence Vice President, Investor Relations and Communications 713-351-3006 slawrence@energyxxi.com Greg Smith Director, Investor Relations 713-351-3149 gsmith@energyxxi.com Seymour Pierce Nominated Adviser: Jonathan Wright, Jeremy Porter Corporate Broking: Richard Redmayne Tel: +44 (0) 20 7107 8000 Pelham Bell Pottinger James Henderson jhenderson@pelhambellpottinger.co.uk Mark Antelme mantelme@pelhambellpottinger.co.uk +44 (0) 20 7861 3232 © 2011 GlobeNewswire By SpikeyDT |
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| 8:11 28/04/2011 | RNS; Operational Update |
| DJ Energy XXI (Bermuda) Limited Third-Quarter Results & Operational Update TIDMEXXI RNS Number : 5968F Energy XXI (Bermuda) Limited 28 April 2011 Energy XXI Reports Fiscal Third-Quarter Results And Provides Operational Update -- Year-over-year quarterly volumes rise 63 percent, EBITDA climbs 78 percent -- Debt reduced $80 million in the quarter -- Exploration and development program advances HOUSTON - April 27, 2011 - Energy XXI (NASDAQ: EXXI) (AIM: EXXI) today announced fiscal third-quarter results for the period ended March 31, 2011 and provided an operational update. For the 2011 fiscal third quarter, Energy XXI reported earnings before other income (expense), taxes, depreciation, depletion and amortization (adjusted EBITDA) of $155.4 million, compared with $87.3 million in the 2010 fiscal third quarter. Net income attributable to common shareholders for the 2011 fiscal third quarter was $14 million, or $0.19 per diluted share, on revenues of $258.6 million and production of 41,400 barrels of oil equivalent per day (BOE/d). The results include a $10.9 million after-tax loss on the retirement of debt during the quarter. Oil represented 66 percent of the volumes and 88 percent of pre-hedge revenues during the quarter. In the 2010 fiscal third quarter, the company had net income attributable to common shareholders of $9.1 million, or $0.18 per diluted share, on revenues of $150.1 million and production of 25,400 BOE/d. "Energy XXI clearly is benefitting from the transformational acquisition of ExxonMobil Gulf of Mexico shelf assets in December 2010. Increased production and cash flow drove continued balance sheet strengthening, with an $80 million reduction in debt during the quarter, while exploration and development activities highlighted a good quarter for the company," Energy XXI Chairman and CEO John Schiller said. "Early success in operating the acquired properties lends encouragement for our future capital program." Production Update Production in the 2011 fiscal third quarter averaged 41,400 BOE/d. Volumes were positively affected by the December acquisition of Gulf of Mexico properties, partially offset by temporary issues such as pipeline and processing outages, delays in gaining operatorship of certain of the acquired properties, and freezing production equipment early in the quarter. Exploration and Development Activity As previously announced, Energy XXI has remained active in developing its core producing properties and pursuing high-potential exploration. Summarized below is the status of select wells. -- The McMoRan-operated Valentine Pontiff well in St. Mary Parish, Louisiana, which was tested at a gross rate of 54 million cubic feet of natural gas per day (MMcf/d) (approximately 8 MMcf/d net to Energy XXI), is being placed online today. Energy XXI has an 18.75 percent working interest and a 15 percent net revenue interest in the well. -- At Main Pass 72, the Ashton well successfully penetrated seven hydrocarbon-bearing sands totaling 300 net feet of pay before entering the salt body at 6,380 feet. Success at the Ashton well, which is the company's first test of its reinterpreted salt-related seismic data in the Main Pass 72 field, sets up other opportunities nearby, including the Onyx well that is expected to start drilling next month. -- The Davy Jones offset well, which has been drilled to 30,546 feet, is in the process of being logged to evaluate the established Wilcox pay sands as well as the deeper Cretaceous section. Energy XXI has a 15.8 percent working interest and 12.6 percent net revenue interest in Davy Jones. -- The Blackbeard East ultra-deep exploration well at South Timbalier Block 144 is continuing to make progress recovering drill pipe and tools stuck in the hole while drilling the well to 32,559 feet. The operator has washed over and recovered 1,866 feet of stuck pipe and is proceeding with recovery efforts. The t By SpikeyDT |
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| 8:18 20/04/2011 | Third-Quarter Results & Operations Update |
| DJ Energy XXI (Bermuda) Limited Third-Quarter Results & Operations Update TIDMEXXI RNS Number : 2290F Energy XXI (Bermuda) Limited 20 April 2011 Energy XXI Reports Unaudited Preliminary Fiscal Third-Quarter Results and Provides Operations Update -- Quarterly volumes rise 63 percent year-over-year -- Fiscal 2011 third-quarter EBITDA estimated at $155 million -- Exploration and development program advances HOUSTON - April 19, 2011 - Energy XXI (NASDAQ: EXXI) (AIM: EXXI) today provided key preliminary fiscal 2011 third-quarter data and an operations update. Unaudited Preliminary Fiscal 2011 Third-Quarter Data Energy XXI expects to announce after the market close on April 27, 2011, its results for the fiscal third quarter ended March 31, 2011, and today provided unaudited preliminary estimates for certain key data. Earnings before interest, taxes, depreciation, depletion and amortization (EBITDA) for the 2011 fiscal third quarter are estimated at $155 million on revenues of $259 million. Production is estimated to have averaged 41,400 barrels of oil equivalent (BOE) per day for the 2011 fiscal third quarter, compared with 25,400 BOE per day for the 2010 fiscal third quarter. "Our expanded, oil-focused asset base is delivering strong cash flows, allowing us to fund the capital program in addition to reducing debt by an estimated $80 million in the recent quarter," Energy XXI Chairman and CEO John Schiller said. "The core production portfolio continues to offer extensive development opportunities while our exploration efforts, including the shallow-water, ultra-deep drilling program, add high-impact growth potential with near-term catalysts." Production volumes for the fiscal third quarter were positively affected by the December acquisition of Gulf of Mexico properties, partially offset by temporary shut-ins caused by a number of factors, including freezing production equipment and pipeline and processing facility outages. In addition, government delays in transferring operatorship of certain of the acquired Gulf of Mexico properties have hampered the company's efforts to maintain production levels at those facilities. "The fiscal third-quarter volumes rose more than 60 percent, and would have been even higher without temporary issues that were out of our control," Schiller said. "In fact, early progress at the acquired properties where we have assumed operatorship is encouraging. Those opportunities, coupled with current exploration and development activities, lead us to be very optimistic regarding the future of Energy XXI." Exploration and Development Activity Onshore Louisiana, Energy XXI is participating in the McMoRan-operated Valentine Pontiff well, an offset to the 2007 Laphroaig discovery in St. Mary Parish, Louisiana. The well commenced drilling Sept. 24, 2010 and was drilled to 19,984 feet. Wireline logs confirmed more than 140 net feet of pay in three zones, with porosity in excess of 30 percent in portions of each of the zones. McMoRan completed the well within the MA-10 sand and production tested the well. The production test indicated a gross rate of 54 million cubic feet of natural gas per day (MMcf/d) (approximately 8 MMcf/d net to Energy XXI) and zero barrels of water on a 30/64th choke with flowing tubing pressure of 9,989 pounds per square inch. These results will be used to determine the optimal flow rate for the well, with production expected to commence in the current quarter using facilities in the immediate area. Energy XXI has an 18.75 percent working interest and a 15 percent net revenue interest in the well, where the company's investment to date has totaled approximately $8 million. Within Energy XXI's core producing fields offshore Louisiana, recompletion and development activity has continued. At two of the newly acquired fields where Energy XXI has assumed operatorship, non-rig work has resulted in low-cost production and reserve By SpikeyDT |
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| 10:15 05/02/2011 | McMoRan Shares Soar On Davy Jones Update |
| SUBSCRIPTION McMoRan Shares Soar On Davy Jones Update United States / Industry US independent McMoRan Exploration has announced the discovery of a new and apparently hydrocarbon-bearing zone at a depth of about 8,500 metres (m) in its shallow-water Davy Jones... 2011-02-04 BMI View: McMoRan's latest drilling update has sent its shares soaring on the possibility that its Davy Jones No.2 well extends its earlier discovery south-west. US independent McMoRan Exploration has announced the discovery of a new and apparently hydrocarbon-bearing zone at a depth of about 8,500 metres (m) in its shallow-water Davy Jones prospect in the US Gulf of Mexico (GoM). The appraisal well appears to confirm the company's first discovery on the prospect in January 2010, and suggests that the formation could extend to several of the company's other prospects. McMoRan is continuing drilling at the site, where it is growing increasingly bullish about further surprises at the bottom of Davy Jones' locker. Opening The Locker Lines In The Sands Interim logging results at the Davy Jones No.2 offset appraisal well suggest a 60m (m) gross potentially hydrocarbon-bearing sand with net pay of around 30m, according to a February 3 press release. The well is located on the South Marsh Island Block in 6m of water, around 4km south-west of the Davy Jones No.1 well in the same block, where the company made a significant gas discovery in January 2010. McMoRan said the testing at the second well indicate continuity with the first well, apparently confirming the earlier discovery. The markets took encouragement from the statement, sending McMoRan shares soaring by up to 11% on February 3. McMoRan is the operator of the Davy Jones prospect with a 32.7% stake, working alongside Plains Exploration & Production (27.7%), Energy XXI (15.8%), Nippon Oil (12%) and two private investors holding the remaining 11.8%. McMoRan is funding 25.7% of the exploration costs and is entitled to 25.9% of any revenues. Tuscaloosa Trend Goes On Further drilling will be needed, but the logging results are already a major boost for McMoRan, which has built its strategy around exploring ultra-deep GoM gas plays. McMoRan holds the rights to around 4,047sq km both onshore and offshore the Gulf coast, of which 607sq km have been associated with ultra-deep subsalt gas. When the first Davy Jones well was drilled in 2010, McMoRan's co-chairman, James Moffett, claimed that by drilling deeper than others it may have made one of the largest discoveries on the GoM shelf in decades. Although it is still too early to tell whether the Davy Jones discovery is commercial, the latest well has a number of implications for the company. As well as suggesting sand continuity between the two wells, it raises the possibility of the Wilcox Formation being wider than expected, extending to other McMoRan prospects in the area. Moreover, McMoRan is now drilling below 8,500m in expectation of encountering the Tuscaloosa Trend associated with numerous discoveries onshore Louisiana. This will significantly increase expectations ahead of the company's next drilling update. http://www.oilandgasinsight.com/file/96130/mcmoran-shares-soar-on-davy-jones-update.html By SpikeyDT |
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| 0:25 22/11/2010 | Real Nice |
| •Includes 66 million barrels of proved and probable reserves, 61 percent oil •Properties produce 20,000 barrels of oil equivalent per day, 53 percent oil •Pro forma proved reserves rise 65 percent, production 77 percent HOUSTON, Nov. 21, 2010 (GLOBE NEWSWIRE) -- Energy XXI (Nasdaq:EXXI - News) (LSE:EXXI - News) today announced it has executed a purchase and sale agreement to acquire certain shallow-water Gulf of Mexico shelf oil and natural gas interests from affiliates of ExxonMobil for $1.01 billion. Website The assets are currently producing approximately 20,000 net BOE per day (BOE/d), about 53 percent of which is oil. Offshore leases included in the purchase total 130,853 net acres. Reserve estimates for the acquired properties were prepared on Nov. 16, 2010, by Netherland, Sewell & Associates, Inc., independent oil and gas consultants employed by Energy XXI. The properties are estimated to contain net proved and probable reserves of 66 million barrels of oil equivalent (BOE), 61 percent of which is oil. Proved reserves are estimated at 30.1 million barrels of oil and 116.1 billion cubic feet of natural gas, or a total of 49.5 million BOE, 68 percent of which are proved developed. The properties include nine fields on the Gulf of Mexico shelf, generally located between Energy XXI's existing core South Timbalier and Main Pass operations in water depths of 470 feet or less. The six largest fields account for 89 percent of the net production. "The ExxonMobil properties are an extraordinary fit with our existing, oil-focused core assets, which generate some of the highest margins in the industry," Energy XXI Chairman and CEO John Schiller said. "With this acquisition, we are gaining access to production, infrastructure and extensive acreage complemented by seismic data and field studies. As operator of 94 percent of the assets being acquired, we would have a portfolio of drilling and recompletion opportunities that we can pursue while analyzing the potential for higher-impact exploration prospects." Pro forma for the acquisition, Energy XXI would become the third-largest oil producer on the Gulf of Mexico shelf, with interests in seven of the top 11 oil fields on the shelf. Estimated proved plus probable reserves would increase 72 percent to 158.1 million BOE from 92.1 million BOE at the company's June 20, 2010 fiscal year end. Production would increase to approximately 46,000 BOE per day, up more than 77 percent from the 25,900 BOE per day average in the most recent fiscal quarter ended Sept. 30, 2010, with oil representing 63 percent. "In addition to growing our reserves, production volumes and drilling portfolio, we expect this consolidation of properties within our existing core area to achieve meaningful cost savings," Executive Vice President of Exploration and Production Ben Marchive said. "Cash flow from these properties, combined with the excess cash already being generated by our existing asset base, should put us in a position to rapidly retire debt while funding accelerated development of the overall portfolio." In conjunction with the signing of the agreement, Energy XXI has added to its crude oil hedge position to provide downside price protection. Based on 46,000 BOE per day of pro forma production, 63 percent of which is oil, the company currently has hedged 70 percent, 61 percent and 12 percent of the crude oil production for calendar years 2011, 2012 and 2013, respectively. In addition to utilizing cash on hand to finance the purchase, Energy XXI has obtained committed financing to increase its corporate revolver from $350 million currently to $700 million in conjunction with the acquisition, as well as a $450 million unsecured bridge loan that the company would anticipate retiring through the future issuance of high-yield notes. Energy XXI has placed a 10 percent cash deposit into an interest-bearing account under the terms of By Grandpa2 |
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| 16:44 07/03/2010 | Re: MY SON!!! |
| His a bad boy jammm watch out for his reincarnation lol By podgy1 |
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| 17:28 12/01/2010 | MY SON!!! |
| Table for 2 please!! By currybelly |
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| 20:26 12/11/2009 | GET EEN THERE!!! |
| Decided to go with my gut and bought a barrel load of these today. . .and i mean a BARREL load!! Anyone jumps aboard feel free to come n keep me company. . . Oh and if I'm not here, I might be policing the HAWK board to prevent the exploitation of vulnerable newbies. . . Completely Slim By SetInStone |
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