W&T Offshore: Update on discovery, first production in deepwater GOM

W&T Offshore Inc. (NYSE: WTI) has confirmed a new discovery at Ewing Banks 910 and first production from the SS #6 well at Mississippi Canyon 538 field ("Medusa"), both in the deepwater of the Gulf of Mexico. The company also provided an update on the status of the Big Bend and Dantzler deepwater development projects.

W&T made a new discovery at Ewing Banks 910 with the drilling and evaluation of the Ewing Banks 910 A-5 ST well. The company logged 160 feet of gross hydrocarbon interval and is currently completing the well. W&T expects recovery from the well to exceed its pre-drill estimates, and anticipates that the well could be online and flowing by the end of the second quarter of 2015. W&T has a 50% working interest in this well.

The next well to be drilled at Ewing Banks 910 will be the A-8 exploration well, which based on seismic data, is estimated to be a larger reserve target than the recent A-5 ST well. The company has additional drilling locations in the area as a result of its ongoing geological and geophysical review of new WAZ seismic data.

The recently drilled Medusa SS #6 well has been completed and achieved first production, flowing at a gross rate of approximately 8,000 barrels of oil and 6 MMcf of natural gas for a combined total rate of 9,000 barrels of oil equivalent per day. A second extension well at Medusa, the SS #7 well, is being completed. W&T has a 15% working interest in the Medusa field.

The company said that progress is being made on the work to bring the Mississippi Canyon 698 "Big Bend" and Mississippi Canyon 782 "Dantzler" fields on line. Three vessels are currently in the field, with one performing umbilical installation work, one conducting sea trials before the pipeline system is installed, and another serving as a flotel for the preparation of the topside facilities at "Thunderhawk," the host platform. 

Production from Big Bend is expected to begin in the fourth quarter of 2015, and production from Dantzler is now expected to begin near the end of 2015. This is slightly ahead of prior scheduling. The anticipated combined rate from Big Bend and Dantzler is expected to reach in excess of 8,000 barrels of oil equivalent per day, net to the company’s 20% working interest (81% oil).

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