Houston Energy LP

Transaction Type
Sellers
Marketers
Basin
Gulf of Mexico
Field
Mississippi Canyon Santa Cruz Field, Santiago prospect
Post Date
Close Date
Estimated Price
0MM
Description

Houston Energy LP has retained Tudor, Pickering, Holt & Co. to sell certain interests in Mississippi Canyon in the deepwater Gulf of Mexico. Houston Energy holds a 10% working interest in the Santa Cruz Field (MC 519) discovery and is seeking a strategic or financial partner to fund all or part of the remaining $52 million to develop Santa Cruz and the adjacent Santiago prospect in Block MC 519. Houston Energy has mapped this prospect and along with its partners leased MC 519 in 2005. Noble Energy is operator. Netherland, Sewell & Associates Inc. has provided a reserve and resource report that shows proved plus probable reserves of 52 million barrels of oil equivalent gross and an unrisked upside from both Santa Cruz and Santiago exceeding 100 million barrels gross. BP Plc is the operator of the Na Kika floating production facility, which will receive expected gross production of approximately 20,000 barrels equivalent per day expected in early 2011 from Santa Cruz and Santiago. Technip has recently been awarded the contract for the 6,300-foot water depth subsea tieback to Na Kika and its Deep Blue deepwater pipelay vessel will be used for installation. The data room opens Oct. 19. The bid due date is Nov. 16. Contact Danny Rathan, 713-333-7184, drathan@tudorpickering.com.