GulfSlope Energy Inc (GSPE)

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The Mahogany subsalt discovery of Phillips Petroleum Company, in partnership with Anadarko Petroleum Corporation and Amoco Production Company, is the petroleum industry's first commercial subsalt oil development in the Gulf of Mexico. Located 80 miles offshore Louisiana on Ship Shoal Blocks 349 and 359, the Mahogany #1 (OCS-G-12008) was drilled in 375 ft of water to a depth of 16,500 ft and tested both oil and gas below an allochthonous salt sheet. The discovery well tested 7256 BOPD and 7.3 MMCFD on a 32/64" choke at 7063 PSI flowing tubing pressure (FTP).

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