Independent exploration and production firm Bois d'Arc Energy has announced that it is planning to spend $250 million on its exploration and development activities in 2008. The firm's exploration program will focus on exploring its extensive acreage position on the Gulf of Mexico shelf.
Bois d’Arc has budgeted $139 million to drill 21 offshore wells in 2008. The drilling program in 2008 includes 11 deep shelf wells to test high potential exploration prospects within the shallow Gulf of Mexico waters.
In addition the company is planning to spend $19 million on acquiring seismic data and acreage, and estimates that it will spend $92 million on production facilities, recompletions and for abandonment work in 2008.
Gary Blackie, president and CEO of Bois d’Arc, said: In 2008 we will direct more of our resources to increasing our production rate than we have in previous years. We are targeting production growth of 10-15% in 2008. Our 2008 drilling program also includes eleven higher potential deep prospects that expose the company to significant reserve growth if they are successful.