The Who Dat Development - PLANO

The Who Dat Development - PLANO

The Who Dat DevelopmentEvolution of a Project from Lease Sale toFirst ProductionRick Fowler – LLOG ExplorationJanuary 16, 20121 of 21

Project SummaryNew FPS in 3100’ waterTwelve wells, 100-300 MMBOE reserves60 MBOPD, 150 MMCFD$2B total project costProject FirstsGOM FPS post-MacondoOpti-Ex FPS DesignFPS built on specConcept selection to installation in < one yearPrivately Owned FPS3 of 21

Identifying the ProspectBright amplitudesConformance tostructurePrevious wellsthin/poor qualityImages courtesy TGS NOPEC4 of 21

4000 FB 44600 FB 14000 FB 5AddressingLeaseIssues4000 FB 24200 FB 14000 FB 14000 FB 3=4700 FB 14800 FB 15 of 21

Results of First Well 76’ Gas34% PHI15% Swi45 BPM Yield6 of 21

Drilling DeeperFull Stack Time DataFar Stack Time DataDeeper zone had different seismic responseImages courtesy TGS NOPEC7 of 21

Post #1 WellDepletion PlanE1 A1 A2 D13700 FB1 STK14000 FB2S2 West 4000 FB1S1EastS14000 FB13900 FB14000 FB1FB1 (Up)STK1S2A 4200 FB1 (LWR)S1A4400 FB1S1S14700 FB14800 U4800 LS1AS1AS1A5100 FB1547E3547E28 of 214600 S1S1547E4S1#1 (Twin)

Current Depletion Plan 10 ProductiveHorizons Mostly oil 12 Wells 3 Future Sidetracks Smart SelectiveCompletions 28 Completions9 of 21

Host OptionsLenaCognac MatterhornDevelopment Scenarios/Desired CapacityNearest host 20 milesMost had limited capacityCrystalHost Platform24 milesPre #1 – Existing host1 MBOPD, 40 MMCFDPost #1 – New shelf platform25 MBOPD, 100 MMCFDMedusaOptiExPost #3 – New FPS35 MBOPD, 100 MCFDMARSMarsUrsaDEVILSTOWERDevils TowerPost Optimization60 MBOPD, 150 MMCFD10 of 21

Opti-Ex11 of 21

Riser Adaptor12 of 21

Coffer Dam/Riser Adaptor13 of 21

TopsidesHP GasHP Inlet ModuleFlare TipSales Meter SkidLACT14 of 21

Regulatory ApprovalOPTI-Ex USCG normally reviews project duringconstructionABS hired “as if” CVAUSCG worklist of 102 itemsWells Macondo drilling moratorium prevented furtherdrilling Field unexpectedly suddenly moved intocompletion mode15 of 21

Who Dat Project Scope16 of 21

Typical Proven Concept FPSDelineate DiscoveryFEEDBIDConstructInstallIPWho Dat FieldDelineate DiscoverySelect and NegotiateField Specific EquipmentInstallIPSchedule Impact2010 2011 2012 201317 of 21

Reservoir Simulation18 of 21

Expected Reserves More zones More oilThicker sandsArea outside ofamplitudesSimulationCrFluid work19 of 21

Conclusions Reserves increase completely changed thedevelopment planEquipment inventory facilitated early completionsOpti-Ex is a flexible FPS designSpec built facility greatly accelerated productionCreative deal structure greatly reduced cost tostartupSingle installation vendor eased vessel access20 of 21

Contact information Rick Fowler LLOG Exploration 985-801-432321 of 21

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