W&T Offshore finds more oil at Gulf of Mexico field

• W&T Offshore (NYSE:WTI) says a new appraisal well hit oil pay across five zones and extended the size and depth of the Mahogany field in the Gulf of Mexico.
• WTT says the new well initially will be completed as a producer in one zone, with others to be tapped at a later date.
• WTI, which had halted drilling on the 100%-owned field in 2015 due to the oil price slump, now expects Mahogany to be the cornerstone of its capital program in 2017 and perhaps beyond.