Founded in 1997, Spinnaker, an independent energy company recognized for its strength in data integration and seismic image enhancement, is engaged in exploration, development and production of natural gas and oil mostly in the Gulf of Mexico (GoM). Beginning as a conventional shelf player, the company was soon drawn into deep-water exploration and, by 2004, held approximately 131 blocks covering 745,000 gross acres, or 312,000 net acres, in the deep water of the Gulf of Mexico. At the same time, it had discovered 11 new deepwater fields, 2 of which are currently producing, 4 are in development and 5 more are still under evaluation. Spinnaker aimed to offer investors a balanced inventory of conventional and deep shelf activities in various regions of the GoM and, in 2004, increased geographic diversification by venturing internationally to Nigeria’s Tari prospect. It is the financial aspect of Spinnaker’s growth that is of importance here.
