9 June 2017drilling progress report● NeutralMajor
Drilling began June 3, 2017 on the Rampart Deep prospect in Mississippi Canyon Block 116, operated by Deep Gulf Energy III. Stone holds a 40% working interest after selling down part of its position (partners: Deep Gulf 30%, Ridgewood-managed entities 30%). The company would tie it to its 100%-owned Pompano platform if successful, and expects about two months to drill. Stone also cut about 20% of its workforce (plus a smaller cut in April 2017), with a pre-tax charge of about $5-6 million in Q2 2017 and a targeted cash SG&A of about $11-12 million a quarter. James M. Trimble is now interim CEO and President, following the departure of the previous CEO.