The company plans to add at least four more exploratory wells this year and to drill at least 30 exploratory wells
Oil and gas company Energy Partners, Ltd. informed about its 16% increase in its exploration and development budget for this year, from $125 million to $145 million.
The increase in the budget will primarily fund increased exploratory activities as well as development of recent exploratory successes. EPL said it expects to fully fund its capital budget from internally generated cash flow.
The company plans to add at least four more exploratory wells this year and now expect to drill at least 30 exploratory wells in 2004.
The EPL CEO: ? We have a wealth of opportunities to deploy the additional $20 million in our capital budget, and with continued high commodity prices and cash flow we look forward to adding even more projects to our 2004 program."
