Helix Energy announces oil discovery at Wang exploration well

theflyonthewall.com

Helix Energy Solutions Group announced an oil discovery at the Wang exploration well in the Phoenix Field located in Green Canyon Block 237, approximately 93 miles off the Louisiana coast. The Wang exploration well encountered more than 100 feet of high quality net oil pay. Energy Resource Technology GOM, 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 bottom-hole pressure. We are moving ahead to complete the well." The Wang exploration well was drilled to a total depth of approximately 18,300 feet, in water depths of approximately 2,300 feet. The well is currently being completed and will be developed via a subsea tie back system to our Helix-owned Helix Producer I floating producti on unit. First production from Wang is expected early Q2 of FY13.

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