Red Willow Offshore is seeking to reduce its working interest at the EnVen-operated Dothraki prospect, where a well is planned in Green Canyon block 166 (G35655) in the deepwater central Gulf of Mexico. The prospect targets an Upper Miocene-aged amplitude anomaly and lies about 7 mi (11 km) north of the Eni-operated Allegheny field, which has produced over 49 MMbo and 95 Bcfg through the end of September 2019. The company is seeking to farm out a 10 â 15% working interest stake.  The Bureau of Ocean Energy Management (BOEM) approved exploration plan N-10076 on 8 July 2019 which proposes drilling four wells using a dynamically positioned semisubmersible or a drillship in water depths ranging from 2129 â 2324 ft (649 â 708 m), although Red Willow's farm out material states that the exploration well will be drilled in 1,978 ft (603 m). It is expected to take 120 days to drill, complete and install a subsea tree for each well. The plan calls for drilling operations at the first well to begin on 1 December 2019, but Red Willow has updated this to March 2020. The well has a proposed total depth of 23,000 ft (7,010 m).  In a May 2019 presentation to investors, EnVen described Dothraki as a 750-acre (3 sq km) Upper Miocene-aged amplitude in a suprasalt mini-basin, analogous to the Fieldwood-operated Big Bend field in MC 698 (G28022) which has produced over 20 MMbo and 10 Bcfg through the end of October 2019. A multi-well development will be required in the success case, with planned tie-back to the EnVen-operated Prince TLP 13 mi (21 km) to the north in EW 1003 (G13091). Additional information provided by Red Willow estimates a gross resource potential of 6.9 â 20.2 MMboe with a gross rate potential of 6,000 â 15,000 boed. The gross dry hole cost is estimated at USD 48 MM, with the completion cost at USD 40 MM and hook-up cost at USD 129 MM.  At Sale 235 in March 2015, a partnership of Ridgewood (47.5%), Red Willow (47.5%) and Houston Energy (5%) submitted a bid of USD 5.166 million for GC 166. There was one competing bid submitted by Fieldwood Energy of USD 710,100. EnVen farmed into the block in January 2019 and currently operates the lease with 33.5% working interest. The remaining interest is distributed between Ridgewood (33.5%), Red Willow (30%) and Houston Energy (3%).  Background Information  Exxon drilled four wells on the block between 1985 â 1989, targeting the Pliocene interval. None were producers. All four are located to the northwest of EnVen's planned wells.
Red Willow Offshore is seeking to reduce its working interest at the EnVen-operated Dothraki prospect, where a well is planned in Green Canyon block 166 (G35655) in the deepwater central Gulf of Mexico. The prospect targets an Upper Miocene-aged amplitude anomaly and lies about 7 mi (11 km) north of the Eni-operated Allegheny field,