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HOUSTON, TX, Aug. 28, 2018 (GLOBE NEWSWIRE) -- Texas South Energy, Inc. (OTC PINK: TXSO) (“Texas South” or the “Company”) announced today that the OCS-G-35589 # 1 well on the Company’s Canoe Prospect on Vermilion Block 378 where the Company holds a 5% working interest has been drilled and evaluated to a total depth of 5,765’ MD (5,700’ TVD). Based on Logging-While-Drilling (LWD) and other test results, oil bearing sands were encountered which require further study. As a result, multiple open-hole plugs will be set across several intervals in accordance with governmental regulations and the well is being temporarily abandoned at this time. Since the well is equipped with a mud-line suspension system, it is available for future re-entry as warranted.
The Operator of the well and Vermillion block 378 plans a full review of the well information and seismic data to further evaluate the possible extent of the shallow potential of this wellbore and the block to define commerciality of these oil pays. A deeper, subsalt prospect on the block, for which it was originally leased, is also pending further seismic enhancement.
The Rowan jackup rig will now be moved to begin work on the subsalt Tau Prospect on Ship Shoal blocks 336/351 and is expected to be under tow by August 31st. This will be the inaugural well in the Company’s sub-salt Drilling Portfolio with its partners Delek GOM Investments LLC, a subsidiary of Delek Group Ltd. (75% working interest) and GulfSlope Energy, Inc. (20% working interest) and will test Miocene reservoirs beneath thick salt sheets on the shelf in 300’ - 400’ of water depth. The initial Tau Prospect well is projected to drill a thick geologic section in the target interval as it is planned to drill to a projected depth of 29,860’ MD (26,132’ TVD), penetrating almost 5 miles of geologic section below the seafloor.
About Texas South Energy
Texas South is engaged in the oil and gas exploration and production business. We acquire, generate and prefer to operate large-scale onshore and offshore oil and gas projects, retaining as much interest as possible in the production and reserves. To learn more, visit the Texas South website at www.texasouth.com.
Investor Contacts Texas South Energy John B. Connally III, Chairman, or Michael J. Mayell, President and CEO Phone: 713-820-6300 Email: firstname.lastname@example.org SOURCE: Texas South Energy, Inc.