Because our discovery is located on the Continental Shelf in shallower water, we will be able to develop and produce the reserves through lower-cost, conventional offshore methods. Seven deepwater discoveries have been announced in over 1,000 feet of water in Viosca Knoll, including the Neptune project, in which CNG has a 50 percent interest. Five of those deepwater discoveries are producing, according to the Minerals Management Service of the U.S. Department of the Interior. Nautilus is located at Main Pass blocks 280 and 281 in 307 feet of water. Two wells have been drilled to date at Nautilus, penetrating four pay zones.
Plans call for four additional development wells, including one currently in progress.
The platform is in the design and fabrication process. Nemo is located at Main Pass blocks 279 and 284 in 290 feet of water. One additional well currently under way is targeting a deeper objective interval at Main Pass 279. CNG is the operator and has 100 percent working interest in the field. Nautilus and Nemo represent the third and fourth significant discoveries in what has been a very successful play for CNG Producing in Main Pass.