Helix ESG Announces Gulf of Mexico Discoveries
Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that its wholly owned subsidiary, Energy Resource Technology GOM (ERT), has made a Gulf of Mexico deepwater oil and gas discovery at its Jake prospect, located in Green Canyon Block 490. The discovery well was drilled to 13,504 feet in 3,740 feet of water and encountered 134 feet of net oil and gas pay in a single sand interval. The well was conventionally wireline logged with multiple fluid samples recovered for confirmation of the hydrocarbon bearing zone. The well has been cased and temporarily abandoned for a future subsea completion. Following the discovery, Helix's estimate for this prospect is 50 to 75 Bcfe gross (100%), on a proved, probable, possible basis. Development options are currently underway, including a potential joint development with a recent discovery made in the area. First production from the Jake discovery is estimated to take place in mid 2011. ERT owns a 25% working interest in both the discovery well and Green Canyon Block 490.
ERT has made an additional new Gulf of Mexico shelf discovery at its 75% owned and operated South Timbalier 145 Field. The new discovery was drilled to a depth of 14,193 true vertical depth and logged approximately 20 feet of oil and gas pay. The well is currently being completed and is expected to commence production in December 2009.
