Texas South Energy and GulfSlope Energy have combined to jointly drill a minimum of three exploratory wells for oil and gas prospects.
Gulfslope have announced that they will be the primary operator and will retain a 20% interest in the first phase while Texas South will retain 5%.
Both companies have entered into an exclusive letter of intent (LOI), an exclusive agreement which is not binding.
John N. Seitz, chairman and CEO of GulfSlope, said: “We and Texas South are looking forward to working with our new partner, who is a highly accomplished oil and gas company with a great track record of finding and developing substantial oil and gas resources in offshore areas.
“Their technical capabilities have enabled them to recognize a unique opportunity, one where the seismic and drilling technologies have converged with today’s lower costs of drilling with jack-up rigs and development of large scale reserve targets with fixed platforms in shallow water.”
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