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

Hess orders Stampede umbilicals from Oceaneering

Jan 22, 2015

Hess Corp. (NYSE:HES) has contracted Oceaneering International Inc. (NYSE:OII) to supply umbilicals and umbilical distribution hardware to the Stampede project. 

UH to lead offshore energy research center

Jan 20, 2015

The University of Houston will lead a national research center for subsea engineering and other offshore energy development issues.

Lucius enters production in the ultra-deepwater GoM

Jan 19, 2015

Petrobras has started production at the Lucius field in the ultra-deepwater Gulf of Mexico.

Douglas-Westwood predicts increase in offshore drilling for 2015

Jan 19, 2015

Based on Douglas-Westwood’s offshore drilling forecast, there are still plenty of wells to be drilled if the 2015 oil prices average between $50-70/bbl. 

Gas exports, more oil flow from Jubilee offshore Ghana

Jan 15, 2015

Tullow Oil says the deepwater Jubilee field offshore Ghana exceeded its production target last year, averaging 102,000 b/d of oil.

Trending News

Airbus Helicopters performs demonstration for oil and gas industry

Mar 27, 2015

Airbus Helicopters performed a demonstration of its Airbus H175 helicopter, designed for offshore transportation, to the oil and gas community in Houston March 25, 2015. 

Solitaire starts work on Polarled pipelay in Norwegian Sea

Mar 27, 2015

Allseas’ Solitaire has started laying Polarled, the first pipeline to extend Norway’s gas infrastructure into the Arctic Circle.

BOEM to hold public meetings on Atlantic Coast exploration permitting

Mar 27, 2015

The US Bureau of Ocean Energy Management (BOEM) has scheduled a series of open houses to share information on the geological and geophysical permitting process on the Atlantic Coast. 

Lloyd’s Register Energy expands in Trinidad and Tobago

Mar 27, 2015

Lloyd’s Register Energy is increasing its structural engineering capabilities to support exploration in Trinidad and Tobago.

Statoil gets go-ahead for Gina Krog area well

Mar 27, 2015

The Norwegian Petroleum Directorate has authorized Statoil to drill an exploratory well close to the Gina Krog field in the central Norwegian North Sea.

  Offshore
Digital Magazine
Look Inside
Cover
Current Issue

Oil & Gas Jobs

Search More Job Listings >>