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  • W&T Offshore Announces Increase in Prospective Acreage as the Apparent High Bidder on Two Blocks in the Latest Gulf of Mexico Lease Sale
    édité le 23/03/2020 - Plus de news de "W&T" - Voir la fiche entreprise de "W&T"


W&T Offshore Announces Increase in Prospective Acreage as the Apparent High Bidder on Two Blocks in the Latest Gulf of Mexico Lease Sale
W&T Offshore, Inc. announced the Company was the apparent high bidder on two blocks in the Gulf of Mexico Lease Sale 254 held by the Bureau of Ocean Energy Management ("BOEM") on March 18, 2020. W&T was the apparent high bidder on one deepwater block, Garden Banks block 782, and one shallow water block, Eugene Island Area South Addition block 345.

Tracy W. Krohn, W&T's Chairman and Chief Executive Officer, commented, “We are pleased to be the apparent high bidder on two new attractive leases in the most recent federal lease sale. We utilized our proprietary seismic to determine the blocks we felt complemented our current acreage. These blocks are not far from existing production infrastructure which allows for more economic development of potential discoveries. While we are investing our cash flow more judiciously in 2020, we believe these blocks are a cost- effective way to increase longer-term drilling opportunities."

These two blocks cover a total of approximately 10,760 acres and, if awarded, the Company will pay approximately $708,500 for the awarded leases combined, which reflects a 100% working interest in the acreage. The shallow water block has a five-year lease term and 12.5% royalty, while the deepwater block has a seven-year lease term and an 18.75% royalty. Despite submitting the apparent high bid on these leases, the BOEM reserves the right not to award the blocks based on their minimum bidding criteria. W&T expects to receive the final award results over the next 90 days.

About W&T Offshore

W&T Offshore, Inc. (NYSE: WTI) is an independent oil and natural gas producer with operations offshore in the Gulf of Mexico and has grown through acquisitions, exploration and development. The Company currently has working interests in 51 producing fields in federal and state waters and has under lease approximately 815,000 gross acres, including approximately 595,000 gross acres on the Gulf of Mexico Shelf and approximately 220,000 gross acres in the Gulf of Mexico deepwater. A majority of the Company’s daily production is derived from wells it operates.


Origine : Communiqué W&T

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