World News: 16:23 GMT Friday 14th September 2018. [Texas South Energy, Inc. via Globe Newswire via SPi World News]
HOUSTON, TX, Sept. 14, 2018 (GLOBE NEWSWIRE) -- (OTC PINK: ) ("Texas South" or the “Company”) announced today that the Tau Prospect in Ship Shoal, South Addition Blocks 336 and 351 was spudded on September 14, 2018 with the Rowan Ralph Coffman jack-up drilling rig. The Tau Prospect is the first in a series of sub-salt exploratory wells in which Texas South is participating with GulfSlope Energy, Inc., the Operator, and Delek GOM Investments LLC, a subsidiary of Delek Group Ltd. Texas South has a 5% working interest in the Tau prospect.
The Tau Prospect is permitted to be drilled to a depth of 26,000’ True Vertical Depth (TVD) and 29,728’ Measured Depth (MD). The well will test Upper and Middle Miocene targets trapped under a salt ridge in a similar configuration to several other deeper water fields with, according to the Operator, an unrisked reserve target of up to 300 million barrels of oil (MMBO). This large reserve target, unusual in the 305’ water depth at Tau, was interpreted through advanced seismic processing and imaging techniques employed by the Operator which resulted in a much improved subsurface image of the formations below the salt ridge. It is expected that the drilling efforts to reach the permitted MD will take at least four months to complete. With the Company’s 5% interest in the Tau Prospect, success could result in a meaningful addition to the reserves and value of Texas South.
Michael Mayell, President and CEO of Texas South, noted “The offshore sub-salt program is an excellent complement to the Company’s onshore unconventional Wilinda project which is also drilling at this time. While both projects have significant potential reserves to the Company’s interest, the onshore program could provide cash flow to enable the continued development of the offshore prospects and their expected higher reserves per well, but much longer lead times to production.”
Texas South Energy
John B. Connally III, Chairman, or Michael J. Mayell, President and CEO
SOURCE: Texas South Energy, Inc.
Globe Newswire: 16:23 GMT Friday 14th September 2018
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