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

• 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.