Houston-based oil and gas company Talos Energy is preparing to spud the Bulleit appraisal well located in the Green Canyon 21 lease in the U.S. Gulf of Mexico, using the Noble Don Taylor drillship.
The Noble Don Taylor drillship is on location and drilling of the Bulleit oil appraisal well is expected to start in the next few days, according to Otto Energy, which recently announced an agreement with Talos to farm into the Talos-operated Green Canyon 21 (GC 21) lease.
Namely, Otto in late March said it would earn a 16.67% working interest in GC 21 through paying 22.22% of the cost of drilling of the Bulleit appraisal well in the lease.
On Tuesday, April 30 Otto said it had signed final documents confirming the entry into a joint venture with Talos Energy for the 16.67% working interest in the Green Canyon 21 (GC-21) lease.
The Green Canyon 21 lease and prospect were initially owned and generated by EnVen, with EnVen selling a 66.67% working interest to Talos. Talos later offered a 16.67% working interest to Otto.
Following the farm-in transaction Talos Energy, as the operator, holds a 50% working interest while partners Enven and Otto Energy hold 33.33% and 16.67%, respectively.
All subsequent costs of completion and development, including any further wells, will be at Otto’s working interest of 16.67%.The farm-in agreements include commercial arrangements for oil and gas to be produced through Talos’s Green Canyon 18A platform.
Bulleit is an amplitude-supported Pliocene prospect with similar seismic attributes to the analogous sand section in Talos’s Green Canyon 18 field, which has produced approximately 39 MMBoe to date. The Bulleit prospect sits in approximately 1,200 feet of water and is 10 miles (16 kilometers) from the GC18A platform. The DTR-10 oil sand, which is the primary target of the Bulleit well, was first discovered in 1984.
The well is expected to take approximately 42 days to drill on a trouble free basis, Otto said.
Otto’s Managing Director, Matthew Allen, commented: “Otto is excited to see the commencement of drilling at the Talos operated Green Canyon 21 Bulleit prospect so quickly after announcing the initial transaction only one month ago. Otto is participating in a highly active drilling campaign during 2019 and looks forward to the results of this well before the end of the quarter.”
Talos has the GC 18A platform with spare capacity within tie back distance of GC-21. A subsea development is planned to tie the Bulleit well into the GC18A platform.
It is also worth reminding that Talos recently awarded a contract extension to Noble Corp.-owned drillship Noble Don Taylor. The extension is until early June 2019.
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