W&T Offshore makes deep-shelf subsalt discovery at Ship Shoal 349

W&T Offshore Inc.

W&T Offshore Inc. (NYSE: WTI) has made a subsalt discovery in a deep-shelf exploratory target beneath its Ship Shoal 349 field, better known as the Mahogany Field, in the US Gulf of Mexico. The company’s SS 359 A-14 well is currently producing from the targeted T-Sand (in excess of 17,200 feet total vertical depth), at an initial flowback rate of 3,030 barrels of oil per day and 5.6 million cubic feet of gas per day, for a total of approximately 4,000 barrels of oil equivalent (Boe) per day (3,310 Boe per day net of royalty to W&T) with a flowing tubing pressure of approximately 9,400 psi surface pressure. 

The T-Sand is the deepest sand discovered in this field, as there is additional pay identified in the M-Sand, N-Sand, and O-Sand, all of which represent future reserve additions to the company. The well also penetrated a thicker than expected P-sand interval (the main field pay sand), which will serve as a future recompletion. In total, the A-14 well logged over 370 feet of net oil pay, with the T-Sand accounting for 108 feet of the total net pay. Success from the A-14 T-sand will stimulate additional drilling in 2014 to exploit the four newly discovered oil sands that were encountered in the A-14 well. W&T holds a 100% working interest in the field.

W&T Offshore’s platform rig at Mahogany is currently working on a major recompletion in the A-4 well, designed to bring a behind pipe P-Sand interval into production at an expected rate of 1,000 Boe per day, net of royalties to W&T with an anticipated production date of August or September. Following the A-4 recomplete, W&T Offshore expects to spud the A-15 subsalt exploratory well, a multi-horizon target that is anticipated to encounter multiple stacked oil sand targets. The A-15 well is scheduled to reach total depth near the end of 2013 or early 2014 with a target IP rate of 1,390 Boe per day, net of royalty to W&T. The unrisked reserve potential associated with the A-15 well is anticipated to be in the range of 1.8 million Boe to 6.2 million Boe. 

W&T Offshore is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico, as well as onshore in both the Permian Basin of West Texas and in East Texas. The company currently holds working interests in approximately 71 offshore fields in federal and state waters (65 producing and six fields capable of producing). Additionally, W&T has under lease over 1.4 million gross acres including over 710,000 gross acres on the Gulf of Mexico Shelf, over 480,000 gross acres in deepwater areas, and over 220,000 gross acres onshore in Texas.

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