Hess announced a substantial discovery at its Sicily prospect (Chevron 75% and operator Hess 25%). The well located at Keathley Canyon 814 was spud on 6 January 2015 in 2 059 metres (6 758 feet) of water. The target was a 4 way trap Lower Tertiary Wilcox sand. This is the largest discovery in US GoM so far this year with a pre drill estimate of 300 400 mmboe. We considered multiple scenarios with PV10s ranging between US$330 million to US$1.8 billion.