Helix announces deepwater Gulf of Mexico discovery

12/19/2012

Helix announces deepwater Gulf of Mexico discovery

HOUSTON -- Helix Energy has announced an oil discovery at the Wang exploration well in the Phoenix field located in Green Canyon Block 237, approximately 93 mi off the Louisiana coast.The Wang exploration well encountered more than 100 ft of high-quality net oil pay.

Johnny Edwards , President of Energy Resource Technology GOM (ERT), a wholly owned subsidiary of Helix, stated, “Preliminary data from down-hole test tools confirmed oil in the Wang well with over 11,800 psi of bottomhole pressure. We are moving ahead to complete the well.”

The Wang exploration well was drilled to a total depth of approximately 18,300 ft, in water depths of  approximately 2,300 ft. The well is currently being completed and will be developed via a subsea tie back system to the Helix-owned Helix Producer floating production unit. First production from Wang is expected early second quarter of 2013.

The company recently disclosed in a previous press release that it has entered a definitive agreement to sell ERT to Talos production, a wholly owned subsidiary of Talos Energy, for a base purchase of $610 million plus contingent consideration. The ultimate success of the Wang exploration well is the primary component of the transaction’s contingent consideration.

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