W&T Offshore +9% after hitting pay in two Gulf of Mexico wells

Dec. 21, 2017 3:56 PM ETW&T Offshore, Inc. (WTI)By: Carl Surran, SA News Editor6 Comments
  • W&T Offshore (NYSE:WTI +9.2%) jumps 9% after announcing success in two exploratory wells located in the U.S. Gulf of Mexico.
  • WTI says its Ship Shoal 300 B-5 ST exploratory well logged 173 ft. of hydrocarbon pay and started production in November and outperformed internal forecasts, producing ~1,100 boe/day, including 95% oil.
  • The Main Pass 286 #1 exploratory well logged 112 ft of oil pay, and is being temporarily abandoned in preparation for completion and tie back; first production is expected in the next 12-15 months.
  • WTI also says its borrowing base of its revolving bank credit facility was reaffirmed at $150M following a semi-annual redetermination.

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