W&T Offshore Announces New Discovery At Ewing Banks 910, First Production From Medusa SS #6, And A Status Update On Big Bend And

abarrelfullabarrelfull wrote on 15 Jun 2015 05:38

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W&T Offshore, Inc. (NYSE: WTI) today announced 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 successful 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. We expect recovery from the well to exceed our pre-drill estimates and we anticipate that the well could be online and flowing by the end of the second quarter. 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 significantly larger reserve target than the recently successful A-5 ST well. We have additional drilling locations in the area as a result of our ongoing geological and geophysical review of new WAZ seismic data.

The Company is also pleased to announce that 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 currently being completed. W&T has a 15% working interest in the Medusa field.

Excellent 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 commence in the fourth quarter of 2015 and production from Dantzler is now expected to commence 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 our 20% working interest (81% oil).

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