LLOG Exploration begins execution of Buckskin Project in the deepwater Gulf of Mexico

9/8/2017

COVINGTON, La. -- LLOG Exploration Company, LLC, has announced that the Company and all of its working interest partners have taken several key steps to begin execution of the previously-approved Buckskin Project. This large-scale deepwater development project has been delineated by multiple prior wells and will be a 6-mi subsea tie-back to the Anadarko-operated Lucius Spar and is located on Keathley Canyon blocks 785, 828, 829, 830, 871 and 872 in the Gulf of Mexico in approximately 6,800 ft of water.

Affiliates of LLOG Exploration Co. own a 31.3% working interest in the project and LLOG Exploration Offshore has been named as operator. Repsol and Samson Offshore BSM, LLC each own a 22.5% working interest, Beacon Offshore Energy Buckskin LLC (an affiliate of Beacon Offshore Energy LLC) owns an 18.7% working interest, and Navitas Buckskin US, LLC (an affiliate of Navitas Petroleum LP) owns a 5% working interest.

The Keathley Canyon 872 #1 discovery well at Buckskin was drilled by Repsol in 2009 to a depth of 29,404 ft and encountered approximately 400 ft of net pay in the Upper and Lower Wilcox formations. Three subsequent appraisal wells drilled in Keathley Canyon 785 and 829 encountered an average of 375 ft of high quality oil pay in the Upper Wilcox. The Buckskin project will use equipment rated to 15,000 psi and will utilize dual 8-in. flowlines with riser base gas lift.

LLOG recently executed a new contract with the Seadrill West Neptune drilling rig to perform the initial Buckskin work, which will include drilling and completing two wells. The West Neptune will move on the Buckskin location in the fourth quarter of 2017. LLOG has also ordered several long-lead items for the topsides and is well positioned to achieve first production at Buckskin in the second half of 2019.

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