Black Elk Energy offshore operations’ board of managers has approved a 23-well capital campaign that will begin monetizing the companies proved undeveloped reserve inventory, according to a news release.

The company plans to begin drilling and major rig work on the first of the 23 wells beginning in November. The program’s development costs are projected below $12/boe, the release said. The launch of this development program will mark the beginning of a multiple-year project.