The junior explorer told the market yesterday that it bid $US558,088 on Block No 252 (OCS G32258) during the Central Gulf of Mexico Planning Area Sale 206.
Lying in 253 feet of water and covering about 4994 acres, the Main Pass Block 252 block met the company's low-risk exploration guidelines, Entek said.
"Directors consider Main Pass Block 252 has the potential to provide additional reserves and early production to add to the current High Island Block 24L producing asset," the company said.
The Minerals Management Service in the United States will now conduct its bid evaluation process, and grant of the lease is at the discretion of the Minerals Management Service.
Phase 1 & 2 of the Bid Evaluation can take 21-90 days from the sale date of March 19, 2008.
