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Petroleum industry

Benton Oil and Gas Co. Announces Successful Test of Rabbit Island Field Well

Strategic Insights

— 2 min read

Benton Oil and Gas Co., a leading independent oil and gas exploration and production company, has announced the successful testing of its initial well on the Rabbit Island Field in St. Mary and Iberia Parishes, Louisiana. The well, designated as the Rabbit Island State Lease 340 No. 1, has demonstrated a strong gas and condensate production rate, with an estimated 9.1 million cubic feet of natural gas and 47 barrels of condensate per day. The company's chairman, A.E. Benton, attributed the success to the use of 3-D seismic technology, which has enabled the company to identify high-potential areas for drilling.

Key Takeaways:

  • Benton Oil and Gas Co. has successfully tested its initial well on the Rabbit Island Field, demonstrating a strong gas and condensate production rate of 9.1 million cubic feet of natural gas and 47 barrels of condensate per day.
  • The well was drilled in an undrilled fault block on the southwest flank of the field and encountered approximately 45 feet of net gas and condensate pay from the 10,000 foot sand.
  • The company utilized 3-D seismic technology to identify the high-potential area for drilling, which has proven successful in further developing existing oil and gas fields in the Gulf Coast of Louisiana.
  • Benton Oil and Gas Co. and Tenneco Ventures each have a 37.5 percent working interest in the well prior to payout, with Texaco Exploration & Production Inc. having a 25 percent working interest.
  • After payout, Benton and Tenneco will each have a 25 percent working interest, and Texaco will have a 50 percent working interest.
  • Texaco is the operator of the field and has significant experience in the region, having handled a substantial portion of annual U.S. natural gas consumption.
  • Parent company Tenneco has a diverse range of business interests, including ship design and construction, automotive parts, and chemicals, with revenues of $13.2 billion in 1993.

Statistics:

  • 9.1 million cubic feet: estimated daily natural gas production rate of the Rabbit Island State Lease 340 No. 1 well.
  • 47 barrels: estimated daily condensate production rate of the Rabbit Island State Lease 340 No. 1 well.
  • 45 feet: net gas and condensate pay encountered in the 10,000 foot sand.
  • 3-D seismic technology: utilized by Benton Oil and Gas Co. to identify high-potential areas for drilling in the Rabbit Island Field.
  • 60 days: anticipated time frame for the completion of the well and commencement of production.
  • 37.5 percent: working interest of Benton Oil and Gas Co. and Tenneco Ventures prior to payout.
  • 25 percent: working interest of Texaco Exploration & Production Inc. prior to payout.

Sources:

  • PRNewswire: "Benton Oil and Gas Co. Announces Successful Test of Rabbit Island Field Well"
  • Nasdaq: "Benton Oil and Gas Co. (BNTN)"
  • Tenneco Gas: "About Tenneco Gas"
  • Texaco Inc.: "About Texaco Inc."

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