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

Petrobras contracts Wood Group Kenny for Lapa subsea studies

Sep 1, 2014

Petrobras has awarded Wood Group Kenny (WGK) two contracts with a total value of over $2 million.

Atlantic takes stake in licenses offshore mid-Norway

Sep 1, 2014

Atlantic Petroleum has acquired Ithaca Petroleum Norge’s 10% interest in two production licenses in the Norwegian Sea.

Lundin completes Luno II appraisal well

Aug 29, 2014

Lundin Petroleum AB has completed appraisal well 16/4-8s in the Luno II project. 

Shell proposes drilling plan for Alaskan waters

Aug 29, 2014

Royal Dutch Shell resubmitted a draft plan to the Interior Department to explore for oil in the Alaskan Arctic.

Honeywell introduces software solutions to help boost offshore production

Aug 28, 2014

Honeywell Process Solutions has released Digital Suites for Oil and Gas.

  Offshore
Digital Magazine
Look Inside
Cover
Current Issue

Oil & Gas Jobs

View more Job Listings >>