HOUSTON, Jan. 5, 2017 /PRNewswire/ -- W&T
Offshore, Inc. (NYSE: WTI) announced today that its Ship Shoal 359
A-18 well has logged 149 feet of net oil pay in five zones and
extended the size and depth of the Mahogany field. The SS 349
A-18 well was drilled on the western side of the Mahogany field to
extend the productive limit of the 'T' sand, which was discovered
in mid-2013 by the A-14 well. The A-18 well not only
confirmed that the 'T' sand is present and oil bearing on the west
side of the field but it also logged and penetrated four additional
attractive pay sands in addition to the main 'T' sand target.
After casing the 'T' sand, the Company drilled an exploratory tail
(approximately 950 feet deeper) beneath the main well target to
test seismic reflectors imaged with its newest 3D seismic data and
discovered an additional pay interval in a deeper 'U' sand
interval. The success of the A-18 well is expected to
generate additional drilling locations for the
company. W&T holds a 100% working interest in the
Mahogany field.
Tracy Krohn, W&T Offshore's
Chairman and CEO, stated, "After pausing our Mahogany field
development drilling program since early 2015 when commodity prices
slipped, we are very pleased to have resumed drilling activity
there to further unlock the significant potential of this huge
field. We are benefitting from our recent analysis of our new
WAZ seismic data over the field, which allows us to more clearly
image the sub-salt formations and assess the additional upside of
this field.
"With a number of development and low-risk exploration locations
yet to be drilled, the Mahogany field is expected to be the
cornerstone of our capital program in 2017 and possibly
beyond. Our focus on lowering drilling and operating costs in
the Gulf of Mexico, combined with
Mahogany's outstanding reservoir characteristics and existing
infrastructure on the Shelf, delivers very compelling economic
returns for our shareholders.
"The A-18 well allowed the Company to acquire its first core
data from this important reservoir with rock permeability estimated
to exceed one darcy, confirming the excellent flow potential of
this exceptional reservoir. By comparison, the permeability
of shale plays in the Permian Basin is often stated as having
permeabilities in nanodarcies. A nanodarcy is one billionth
of a darcy, which is obviously significantly less than a darcy,"
concluded Mr. Krohn.
Tom Murphy, W&T Offshore's
COO, stated, "The A-18 success exceeded our pre-drill expectations
and underscores the large potential in the prolific Mahogany 'T'
sand. It achieved our main well objectives in the primary
target zone and logged 149 feet of pay in a total of five
reservoirs. By design, the well penetrated the field's
historic producing intervals - the 'P' and 'Q' sands - in the
highest structural position in the field's history. This sets
up a very attractive attic recovery project in an area of the field
with good water drive characteristics and recovery
efficiency.
"Our exploratory tail has confirmed the presence of
hydrocarbon-bearing sands in a trapped position beneath our
currently productive 'T' sand and further extends the vertical
column in the field to these previously unpenetrated
reservoirs. The well's success is expected to generate
several high-quality additions to our organic drilling inventory,
including a future extension of the main 'T' sand based on this
most recent penetration, a crestal development well opportunity to
exploit the western 'P' and 'Q' attic area, and deeper drilling
opportunities to exploit and target the newly discovered deep 'U'
sand.
"Now that we have confirmed that the 'U' sand is oil bearing
below our deepest current producing sand depth, the Company will
evaluate opportunities to exploit this newly discovered resource
potential across the field and will also look to continue extending
the field's vertical oil column," Mr. Murphy concluded.
The SS 349 A-18 well was drilled to a total vertical depth of
approximately 20,000 feet in a water depth of 372 feet. It
will initially be completed in the main objective Upper 'T' Sand
and is expected to be placed on production early in the first
quarter of 2017. The well completion will be set up for a
low-cost future recompletion to the untested deeper 'U' sand, and
the three additional sands in the 'P' and 'Q' intervals will be
exploited as future recompletions or will be considered for further
development well locations to accelerate value.
About W&T Offshore
W&T Offshore, Inc. is an independent oil and natural gas
producer with operations offshore in the Gulf of Mexico and has grown through
acquisitions, exploration and development. The Company
currently has working interests in approximately 54 fields in
federal and state waters (50 producing and four fields capable of
producing) and has under lease approximately 750,000 gross acres,
including approximately 450,000 gross acres on the Gulf of Mexico
Shelf and approximately 300,000 gross acres in the deepwater.
A majority of the Company's daily production is derived from wells
it operates. For more information on W&T Offshore, please
visit the Company's website at www.wtoffshore.com.
CONTACT:
|
Lisa
Elliott
|
Danny
Gibbons
|
|
Dennard Lascar
Associates
|
SVP &
CFO
|
|
lelliott@dennardlascar.com
|
investorrelations@wtoffshore.com
|
|
713-529-6600
|
713-624-7326
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/wt-offshore-announces-a-highly-successful-deep-sand-development-well-and-discovers-new-and-deeper-productive-reservoirs-at-ship-shoal-349-mahogany-field-300386640.html
SOURCE W&T Offshore, Inc.