GulfSlope Energy Inc (GSPE)

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GulfSlope Energy Files Gulf of Mexico Drilling Permit
Thursday, February 27, 2020 9:30 AM
--- Filing of Tau Drilling Permits Kicks Off 2020 Drilling Campaign ---

HOUSTON, TX / ACCESSWIRE / February 27, 2020 / GulfSlope Energy, Inc. (OTCQB:GSPE) ("GulfSlope" or the "Company") today announced it has filed an Application for Permit to Drill ("APD") and submitted the Exploration Plan ("EP") for the drilling of the Company's Tau prospect ("Tau") on the outer continental shelf of the U.S. Gulf of Mexico. The APD was filed with the Bureau of Safety and Environmental Enforcement and the EP was submitted to the Bureau of Ocean Energy Management. The Company anticipates receiving approvals in late March.

Tau is a subsalt Miocene prospect located on Ship Shoal Area, South Addition Blocks 336/351 in approximately 305 feet of water. The Tau No. 2 well is designed to be drilled to 20,000' TVD (21,543' MD) to test multiple intervals that correlate to productive zones in the nearby Mahogany Field, located approximately five miles to the southwest. GulfSlope is the operator with a 25 percent working interest and Delek GOM Investments LLC, a subsidiary of Delek Group Ltd., owns a 75 percent working interest.

"GulfSlope was encouraged by what we saw in the geologic section penetrated below salt in the Tau No. 1 well. The new surface location avoids issues encountered in the first well and optimizes below salt targeting of the prospective intervals. We are looking forward to drilling deeper and testing the large and very exciting exploration potential in the Tau Prospect," stated John Seitz, Chairman and CEO of GulfSlope. "We are conducting pre-drill activities and are actively working with our insurance underwriters to finalize the previously announced claim. The insurance proceeds should provide the majority of the funds required to drill Tau No. 2."

About GulfSlope Energy

GulfSlope Energy is an independent oil and natural gas company focused on exploring offshore U.S. Gulf of Mexico. To learn more, visit the GulfSlope Energy website at www.GulfSlope.com.

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