GulfSlope Energy Inc (GSPE)

[GrabenCap]

Canoe (probably) a duster, Delek says

From its Q3 results released today:
Exploration in the Gulf of Mexico began during August 2018 at the Canoe prospect. Initial results showed that layers of sand were found with oil, but the operator did not made an announcement of a discovery. The Group intends to further analyse the results in order to assess the Canoe's commercial feasibility. However, from additional data that has been examined and in parallel to the operator's assessments, the potential for hydrocarbon resources at the prospect is significantly lower than initial estimates. As such, Delek Group has taken a USD 11 million reserve for costs relating to drilling at Canoe.

A new campaign at the Tau prospect began in September 2018. Proximate to the date the Group's 3Q18 financial report was approved, drilling had reached approximately 3,000 feet below level, with the main target layer being in the range of 15,000-26,000 feet below sea level. So far, USD 28 million has been spent on drilling at Tau, out of a total budget of USD 41 million.