EnVen Energy has spudded King Crab and mobilized GL-5

11/29/2018

HOUSTON -- EnVen Energy Corporation has announced that it spud its King Crab well on Ewing Bank Block 873, in its Lobster field. The King Crab well targets an oil-focused reservoir approximately 14,000 ft subsea, with seismic amplitudes consistent with and comparable in size and thickness to existing producing Lobster zones (Bul 1 and Cris S) that have produced approximately 150 MMbbl to date. EnVen expects results from this well in the first quarter of 2019. This well is being drilled from the Lobster platform enabling initial production within days following completion operations, if successful. EnVen is the operator of this well and owns a 100% working interest.

EnVen also announced that the Transocean Pontus drillship is expected to mobilize in early December to Green Canyon Block 248 in EnVen’s Glider field to execute its GL-5 sidetrack project. The GL-5 project targets the same oil reservoir (J Sand) that went offline in the existing wellbore in early 2015 due to mechanical failure. Prior to that failure, the GL-5 well was producing approximately 5,000 bopd. EnVen expects results from the sidetrack in the first quarter of 2019. EnVen expects initial production within days following completion operations, if successful. EnVen is the operator of this well and owns a 100% working interest.

Commenting on these announcements, Steve Weyel, EnVen’s chairman and CEO, said, “King Crab and GL-5 represent two material near-term catalysts for EnVen’s continued growth and success. After months of careful planning and work by the EnVen team, we are excited that initial operations are underway and look forward
to the results.”

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