Exploration/discoveries

W&T Offshore Completes Bolt-On Acquisition in the GOM

Operator purchases outstanding interest in shallow water producing properties

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W&T Offshore has acquired the remaining working interests in the oil- and gas-producing properties at Ship Shoal 230, South Marsh Island 27/Vermilion 191, and South Marsh Island 73 fields for $17.5 million in cash. The initial interest was purchased earlier this year from an undisclosed private seller. The transaction had an effective date and closing date of 1 April and was paid using cash on hand.

The deal adds internally estimated proved reserves of 1.4 million BOE (70% oil) and proved and probable, or 2P, reserves of 2 million BOE (75% oil) as of year-end 2021. The properties carry an estimated net sales rate of about 900 BOE/D (~80% oil). The acquisition also adds an average of 20% working interest in more than 50 gross producing wells currently operated by the company across three shallow-water fields and provides additional opportunities for future drilling.