July 16, 2012 / 10:04 PM / 5 years ago

UPDATE 1-Helix discovers oil at Gulf of Mexico well

July 16 (Reuters) - Oil and gas producer Helix Energy Solutions Group said it discovered oil at a well offshore Gulf of Mexico and that it expected output from the well in the fourth quarter.

At the Danny II well in the Bushwood field, Helix discovered more than 70 feet of high quality net pay -- thickness of an oil reservoir that can produce hydrocarbons.

The Houston, Texas-based company, which has a 50 percent stake in the well, had earlier faced permitting delays at the deepwater wells in the Bushwood field.

Helix shares, which have gained 8 percent this year, closed at $17 on Monday on the New York Stock Exchange.

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