Helix Energy Solutions Group Inc.?discovered oil at the Wang exploration well located about 93 miles off the coast of Louisiana.
Houston's Helix Energy Solutions Group Inc. (NYSE: HLX) said it has discovered oil at the Wang exploration well located about 93 miles off the coast of Louisiana.
The well is confirmed to hold more than 100 feet of high quality oil, the company said.
The Wang exploration well was drilled to about 18,300 feet, in water depths of approximately 2,300 feet.
?Preliminary data from down-hole test tools confirmed oil in the Wang well with over 11,800 (per square inch) of bottom-hole pressure. We are moving ahead to complete the well," Johnny Edwards, president of Energy Resource Technology GOM Inc., a subsidiary of Helix, said in a statement.
Meanwhile, Helix said Dec. 13 it agreed to sell oil and gas subsidiary Energy Resources Technology GOM Inc. to a subsidiary of Houston-based Talos Energy LLC for purchase price of $610 million. Helix said the move is part of its strategy to focus on its well intervention and robotics services businesses.
The success of the Wang exploration well is a key component to the transaction's consideration, according to the company's statement.
Bayan Raji covers health care.
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