Helix shares rise on oil and gas discoveries

AP News
Posted: Dec 01, 2009 1:43 PM

Shares of Helix Energy Solutions Group Inc. jumped on Tuesday a day after the oil services provider said a subsidiary made new oil and gas discoveries in the Gulf of Mexico.

Shares climbed 98 cents, or 8.3 percent, to $12.74 in afternoon trading.

On Monday after the market closed Helix said its unit Energy Resource Technology GOM (ERT) made a discovery at its Jake prospect. The discovery well was drilled to 13,504 feet and encountered 134 feet of net oil and gas pay, or rock that can deliver oil to the well, in a single sand interval.

Helix also said that ERT has made an additional new Gulf of Mexico shelf discovery at its 75 percent owned and operated South Timbalier 145 field. The new discovery was drilled to a depth of 14,193 true vertical depth and logged about 20 feet of oil and gas pay. Helix expects the well to begin production in December 2009.