W&T Offshore has secured the Enterprise Offshore 264 jackup rig to drill the South Timbalier Block 224 condensate prospect in the US Gulf of Mexico, says partner Otto Energy.
According to Otto, W&T expects to spud the well in Q4. The prospect is in approximately 170ft of water, and lies within tieback distance to several existing production platforms. The presence of these platforms enhances the well economics and will make the development of any discovery quick and cost-effective, says Otto.
W&T has submitted the prospect’s initial exploration plan to the US Bureau of Ocean Energy Management.
South Timbalier Block 224, Bivouac Peak and South Marsh Block 71 represent a compelling pipeline of US Gulf projects for Otto to pursue through 2017 and 2018 in line with its strategy, says Otto Managing Director Matthew Allen.
Earlier this month, Otto reported it had farmed into the South Timbalier Block 224 lease with a 25% working interest. In May, the company said it had entered binding agreements to raise US$8.2 million to develop its South Marsh Block 71 project.
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