W&T Offshore hits pay in two Gulf of Mexico wells

Houston-based oil and gas company W&T Offshore has been successful in two wells located in the U.S. Gulf of Mexico.

W&T Offshore said on Thursday that the drilled Ship Shoal 300 B-5 ST exploratory well was successful and achieved first production in mid-November.

The well logged 173 feet of hydrocarbon pay in multiple stacked oil sands in a previously undrilled fault block. It was completed as a dual-zone completion and achieved a peak initial production rate of approximately 1,100 barrels of oil equivalent per day, 95% of oil, from the initial two completion intervals and is set up and equipped for additional future behind-pipe recompletions in these newly penetrated multiple stacked oil sands.

“The SS 300 B-5 ST well has outperformed the company’s pre-drill expectations on rate, reserves, and value. In addition, the new higher rate from the B-5 well is projected to extend field life several years more than previously estimated, adding significant reserves and value to the overall Ship Shoal 299 field which includes the SS 300 block,” W&T said.

The company also added that the Main Pass 286 #1 exploratory well reached a total depth of 14,562 feet and logged 112 feet of oil pay. The well is currently being temporarily abandoned in preparation for completion and tie back. It is located in open water and will be produced to W&T’s Main Pass 283 facility. W&T said that it expected first production in the next 12 to 15 months.

Tracy Krohn, W&T Offshore’s chairman and CEO, said: “Our Ship Shoal 299 field is another great example of how integrated technical teams applying the appropriate technology can add materially to shareholder value. Ship Shoal 299 field has long been a key producer for us, producing more than 35 million barrels of oil equivalent since first coming online in 1991.

“Along with the Main Pass 286 prospect, our teams are still finding untapped resources and adding material value through our advanced technology. This oil discovery is the first new wildcat success by the industry in the Main Pass Protraction Area in over a decade. The well will be tied back to W&T’s Main Pass 283 facility resulting in improved economics. This is another successful shelf discovery this year following on the heels of our SS 300 B-5 ST well and the various successful wells at Mahogany.”

Other activities include the current drilling of the Ship Shoal 349 A-17 well and the mobilization of a rig to the Viosca Knoll 823 platform in approximately 1,100 feet water depth to begin a three-well drilling campaign in this deepwater program.

During a semi-annual redetermination, the company’s borrowing base of its revolving bank credit facility was reaffirmed at $150 million. At the moment, the credit facility is essentially undrawn with $149.7 million of availability.

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