and: Remington currently has five wells drilling that it believes, barring no severe mechanical or weather related delays, will reach total depth by or near year-end 2003. The company also has two offshore installations that are underway that are anticipated to be completed in this same time period.
In the offshore Gulf of Mexico this year, Remington has drilled a total of 19 exploratory wells with 13 of these being successful, giving the company a 68% success rate. The three announced discoveries, in addition to two previously announced successes, brings the company's total projects under development to five.
James A. Watt, President and Chief Executive Officer stated, "These new discoveries should commence production in the near term. We will announce our production guidance for 2004 once the 2003 drilling program is complete. We will announce our year-end reserves in mid to late February once the complete reserve evaluation is finalized by independent reserve engineers."