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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): DECEMBER 17, 1996
TATHAM OFFSHORE, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
(STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION)
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0-22892 76-0269967
(COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.)
600 TRAVIS
SUITE 7400
HOUSTON, TEXAS 77002
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
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REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (713) 224-7400
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ITEM 5. OTHER EVENTS.
PRELIMINARY RESULTS FROM GARDEN BANKS 117 #2 WELL
Tatham Offshore, Inc. (Nasdaq: TOFF) announced on December 17, 1996, that
Flextrend Development Company, L.L.C. has completed drilling operations on its
Garden Banks Block 117 #2 and related sidetrack well located offshore Louisiana
in the Gulf of Mexico. After reviewing the initial logs from the GB 117 #2
well, the operator concluded that the target Glob alt "A" sand appeared to be
faulted out and the working interest owners decided to conduct a sidetrack
operation. The sidetrack of the GB 117 #2 well encountered approximately 48
feet of vertical pay in two separate reservoirs. Tatham Offshore has a 25%
reversionary interest in the GB 117 project, after repayment of certain
development financing.
Logs indicate that the GB 117 #2 sidetrack well encountered approximately 18
feet of pay in the Glob alt "A" sand, the current producing interval in the GB
117 #1 well. The GB 117 #1 well is currently producing approximately 1,800
barrels of oil and 4.3 million cubic feet of gas per day. The Garden Banks 117
acreage contains deeper exploratory promise; however, because of the additional
time and expense that was involved in conducting the sidetrack operations on
the GB 117 #2 well, the working interest partners have decided not to continue
drilling operations for deeper prospective horizons. Flextrend Development
Company, L.L.C., as operator, intends to set casing to the current depth of the
well and place the Glob alt "A" sand on production as soon as possible.
"We are pleased that the GB 117 #2 sidetrack well has validated our estimates
of initial proven reserves for Garden Banks Block 117. We are, however,
disappointed that the working interest owners have elected not to test the
deeper horizons at this time. Hopefully, a deeper well can be drilled next
year to test the exploratory prospect identified by our 3-D seismic work,"
stated Thomas P. Tatham, Chief Executive Officer of Tatham Offshore.
UPDATES GARDEN BANKS BLOCK 117 #2 WELL PROGRAM
Tatham Offshore, Inc. (Nasdaq: TOFF) announced on December 26, 1996, that the
working interest owners in the Garden Banks Block 117 #2 well have decided to
continue drilling operations to test deeper prospective targets. Casing is
currently being set on the GB 117 #2 well through the Glob alt "A" sand, which
the operator anticipates placing on production following the completion of the
exploratory drilling operation.
New information obtained from a seismic velocity survey indicates that the
initial exploratory target lies approximately 600 feet below the current depth
of the well bore and the working interest owners have agreed to drill to that
level to test the deeper zone. Tatham Offshore has a 25% reversionary interest
in the GB 117 project, after repayment of certain development financing.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
TATHAM OFFSHORE, INC.
Date: December 26, 1996 By: /s/ DENNIS A. KUNETKA
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Dennis A. Kunetka
Senior Vice President
