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

Chevron drillship Pacific Sharav arrives in Gulf of Mexico

Oct 20, 2014

Chevron Corp. reports that the deepwater drillship Pacific Sharav has arrived in the Gulf of Mexico to work under a five-year contract with Pacific Drilling.

BOEM proposes Gulf of Mexico oil and gas lease sale

Oct 20, 2014

The Bureau of Ocean Energy Management (BOEM) will offer 40 million acres offshore Louisiana, Mississippi, and Alabama for oil and gas exploration and development in a sale that will include all available unleased areas in the Central Gulf of Mexico Planning Area.

SBM Offshore launches Imodco Terminals and Imodco Services

Oct 20, 2014

SBM Offshore announces that, to meet the challenges of the dynamic market for catenary anchor leg mooring (CALM) terminals and after sales services, two independent entities – Imodco Terminals SA and Imodco Services SA – have been created.

Songa Offshore SE provides Songa Dee SPS update

Oct 20, 2014

Songa Offshore SE says that the scope of work for the Songa Dee special periodic survey has progressed according to plan, including the budget of 60 days and $90 million.

COSCO offers update on Sevan 650 drilling unit

Oct 20, 2014

COSCO Corp. (Singapore) Ltd. reports that COSCO (Qidong) Offshore Co. Ltd. and Sevan Drilling Rig VI Pte. Ltd. (shipowner) have agreed to defer delivery date of Sevan Developer for 12 months, with options exercisable at six-month intervals, to extend the delivery date up to a total of 36 months from Oct. 15.

  Offshore
Digital Magazine
Look Inside
Cover
Current Issue

Oil & Gas Jobs

View more Job Listings >>