Under the deal, the partnership will jointly drill and develop the Farmors oil and gas prospects situated offshore Gulf of Mexico.
The undisclosed oil and gas firm will drill at least three exploratory wells with an option to take part in additional three-well phases on the same basis.
The oil and gas firm can secure a 75% working interest in each prospect through paying 90% of the exploratory costs and cash payment of $1.5m that will be divided by Farmors on a 73% and 27% basis.
GulfSlope, which will be initial operator, will hold a 20% working interest for the subsalt prospects included in the first phase.
Texas South will hold a 5% working interest for the subsalt prospects included in the first phase.
Based on the achievement of certain milestones, the undisclosed customer can purchase up to 20% of the common stock in each of the Farmors.
GulfSlope chairman and CEO John Seitz 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. T
“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 jackup rigs and development of large scale reserve targets with fixed platforms in shallow water."
