Stay Connected

Helix hits commercial pay at Noonan

Offshore staff

HOUSTON -- Helix Energy Solutions Group Inc. has completed drilling an exploration well and two appraisals on its 100%-owned Noonan prospect, confirming commercial pay.

Noonan is on Garden Banks block 506 in 823 m (2,700 ft) of water, about 233 km (145 mi) from Galveston, Texas.

According to Helix, "sufficient pay was encountered to point to reserve potential of at least 100 bcfe."

Development plans being considered include a fast-track subsea tieback to existing infrastructure in shallower water. First production is expected in the second half of 2008.

"We are obviously very pleased to have made a commercial discovery with the first prospect drilled from the deepwater inventory acquired as part of the Remington Oil and Gas transaction last year," says Martin Ferron, Helix president and CEO.

"This demonstrates the considerable potential value of our deepwater resources, especially since we have over 20 high-quality prospects left to drill and the highly skilled personnel necessary to identify and secure more prospects in the future."

"The drilling of the deepwater prospect inventory, particularly with the Q4000, should create significant production returns and provide incremental contracting backlog to supplement an already buoyant medium-term deepwater service outlook," says Ferron.

"All of the development work for Noonan will be performed using Helix assets and services, and we estimate that this work will generate around $100 million of revenue at market rates."

"We may sell up to 50% of our interest to cover development costs and provide cash for possible debt reduction and/or stock repurchase," adds Ferron.

2/27/2007

Related Articles

Noble Energy, Cypriot government in talks on deepwater gas project

Dec 5, 2013

Delek Group has issued an update on the deepwater Aphrodite gas field in block 12 offshore Cyprus, following the recent A-2 appraisal well.

Local involvement a feature in latest deepwater Ghana block award

Dec 5, 2013

Ghana’s Parliament has ratified a petroleum agreement for the South Deepwater Tano block (SDWT).

Trending News

Oil & Gas UK comments on Scottish referendum result

Sep 19, 2014

In light of the “No” vote in the Scottish referendum, Oil & Gas UK says that it looks forward to continuing working closely with both the UK and Scottish governments toward the shared ambition of maximizing economic recovery of the UK’s offshore oil and gas resource.

Searcher Seismic begins 2D survey offshore Philippines

Sep 19, 2014

Searcher Seismic, in cooperation with the Philippines Department of Energy, and in conjunction with SeaBird Exploration, has begun its Mialara 2D seismic survey, east of Palawan in the Philippines.

FPSO Petrojarl Knarr arrives in Norway

Sep 19, 2014

The FPSO Petrojarl Knarr left South Korea and has successfully arrived in Norway.

Petrobras inks deal for Libra FPSO

Sep 19, 2014

Petroleo Brasileiro SA ( Petrobras) will sign a contract to build and lease a floating production ship for the Libra project.  

EMGS secures new survey work in Norwegian Sea

Sep 19, 2014

Earlier this month, Electromagnetic Geoservices ASA (EMGS) secured an agreement from Statoil Petroleum AS for its services in the Norwegian Sea. EMGS has now received a new contract from another oil and gas company worth $1 million for acquisition of 3D EM data in a nearby area.

  Offshore
Digital Magazine
Look Inside
Cover
Current Issue

Oil & Gas Jobs

View more Job Listings >>