W&T Offshore announces subsalt discovery at Ship Shoal 349

August 9, 2013

W&T Offshore, Inc. (NYSE: WTI) announced on 25 July 2013 that it made a subsalt discovery in a deep shelf exploratory target beneath its Ship Shoal 349 Mahogany field. The SS 359 A-14 well exceeded expectations and is currently producing from the targeted T-sand (in excess of 17,200ft TVD), at an initial flow back rate of 3,030 bo/d and 5.6 MCF/d, for an approximate total of 4,000 boe/d (3,310 boe/d net of royalty to W&T) with a flowing tubing pressure about 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 also serve as a future recompletion. In total, the A-14 well logged over 370ft of net oil pay, with the T-sand accounting for 108ft 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.

Tracy Krohn, W&T Offshore's Chairman and CEO, sail, "[A] key value driver on this project is our ability to produce this discovery immediately through our existing infrastructure at Mahogany. We are evaluating additional targets in this highly prolific field based upon our continuing success and look forward to our next exploratory well at Mahogany, the A-15 well, which should begin drilling in in September." 

The 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/d, net of royalties to W&T with an anticipated production date of August or September. Following the A-4 recomplete we expect 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/d, 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 to 6.2 million boe.

W&T Offshore acquired Apache Corp.'s interest in Ship Shoal 349 field, covering two federal offshore lease blocks, Ship Shoal Blocks 349 and 359, for US$116 million, effective 1 January 2008. Krohn said, "The Ship Shoal 349 field, better known as Mahogany, was the first economic subsalt field drilled in the Gulf of Mexico."



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