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W&T Offshore Inc. Message Board

  • lagrandpro lagrandpro Jul 31, 2013 11:42 AM Flag

    Anyone paying attention?

    HOUSTON, July 25, 2013 /PRNewswire/ -- W&T Offshore, Inc. (WTI) announced today that it has made a subsalt discovery in a deep shelf exploratory target beneath its Ship Shoal 349 "Mahogany" Field. The SS 359 A-14 well has exceeded our expectations and is currently producing from the targeted T-Sand (in excess of 17,200' total vertical depth), at an initial flow back 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 also 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.

    Sentiment: Strong Buy

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WTI
4.03-0.05(-1.23%)Jul 30 4:02 PMEDT