Contango Oil & Gas Company has drilled a successful exploratory well at its Swimmy prospect on Vermilion 170. The company estimates this well to have 48 BCF of natural gas and 1.2 mmbbls of condensate.
Plains Exploration & Production Company (PXP) is evaluating alternatives to separate its deepwater and onshore businesses, which include separately capitalizing its deepwater business through a joint venture or outside capital and then either spinning-off or divesting these assets.