BM002 - Cantium

Location and Geology

• The Bay Marchand field is located to the west of the mouth of the Mississippi River in the Gulf of Mexico.
• The field sits on top of a large salt dome, which provides a wide variety of hydrocarbon play types.

History and Discovery

• Oil was first discovered in Bay Marchand in 1949, and the field reached its peak production of over 87,000 Barrels of Oil Per Day (BOPD) in 1967.

Production and Reserves

• To date, Bay Marchand has produced over 875 million Barrels of Oil Equivalent (BOE).
• The field is estimated to have originally had over 2.2 billion barrels of oil in place.

Infrastructure and Operations

• Cantium maintains approximately 55,000 net acres in Bay Marchand, split between State and Federal leases.
• The company produces oil and gas using 80 surface locations from approximately 150 active wells.
• Operations are supported from Cantium’s shorebase in Port Fourchon. The field has a wholly owned facility in Port Fourchon, which includes a tank farm with eight main tanks ranging in size from 5,000 to 20,000 barrels. This facility handles bulk fluid separation, water treatment and disposal, oil treatment and storage, gas dehydration and compression, and final custody transfer metering.

Seismic and Exploration Activities

• In 2020, Cantium completed a field-wide seismic reprocessing project that significantly improved the image of the subsurface. This has helped shape both exploration and development drilling opportunities for years to come.
• The field has over 50 identified sands and 690 individual mapped reservoirs, providing a significant amount of development opportunities.
• As of Q3 2024, Cantium plans to commence Seismic Nodal Acquisition to image the shallow reserves area of Bay Marchand, with the potential to image 18 MMBOE.

Operational Efficiency and Safety

• Cantium has reduced field declines, increased production, and enhanced the company’s drilling opportunity set through a combination of facility engineering, effective workovers, and new drill programs since taking over operatorship in September 2017.
• The company emphasizes safe and sustainable operations, minimizing any adverse environmental and social impacts, and achieving the highest standards of health and safety.

Strategic Approach

• Cantium’s strategy includes disciplined and opportunistic capital deployment, operational best practices to optimize costs and production, adding incremental recoverable reserves, and extending the economic life of the properties. This approach is reflected in their motto: "BUY GOOD ROCK, OPERATE EFFICIENTLY, DEPLOY CAPITAL PRUDENTLY, HEDGE TO PROTECT, DELIVER RETURNS TO INVESTORS".

By integrating these elements, Cantium has positioned the Bay Marchand field as a world-class asset with significant growth potential and ongoing development opportunities.