Drilling & Completions | Field Development | Drilling Activity

GulfSlope Preps to Begin Drilling at New GOM Prospects

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GulfSlope Energy plans to commence drilling operations at two of its prospects in the Gulf of Mexico.

Canoe Prospect

The company is planning to break ground on the GOM Canoe Prospect by August 1, pending final rig inspection and drilling approval.

Located in 325 feet of water, the Canoe exploration well is planned to test multiple Pleistocene age amplitudes that correlate to productive zones in nearby producing fields. Drilling operations are expected to take approximately 15 days to reach a measured depth of 6,249 feet. If successful, this above-salt test will be evaluated for development options ranging from subsea tiebacks to building a production platform.

Tau Prospect

Immediately following the drilling of the Canoe well, GulfSlope will mobilize the Ralph Coffman to drill the initial exploration well on the Tau prospect on Ship Shoal Area, South Addition Blocks 336 / 351. The Tau well is located in 305 feet of water and is planned to be drilled to a measured depth of 29,728 feet. The well targets multiple deep sub-salt formations.

The Company’s exploration plan for Tau was recently approved by the BOEM and the Company anticipates receiving the approved permit to drill in August.

Partners:

GulfSlope - 20% WI (operator)

Delek GOM Investments LLC - 75% WI

Texas South Energy Inc. - 5% WI

Under the terms of its operating agreement, GulfSlope will pay 8% of the cost to drill the exploratory wells and 20% of the costs thereafter upon commercial discovery.