Contango Oil & Gas announces exploration discovery

|About: Contango Oil and Gas Company (MCF)|By:, SA News Editor

Contango Oil & Gas (MCF) says it struck hydrocarbons at an exploration well at its South Timbalier 17 prospect offshore Louisiana.

Estimated reserves and production rates will be dependent upon the liquids content of the formation, which may be determined after further testing.

MCF says the well will cost ~$12.5M to drill, complete and bring to full production.