W&T Offshore Shares Gain 6% on Positive Discoveries

W&T Offshore shares were higher 6% on Friday after the company said 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 well confirmed the presence of T sand and oil bearing on the west side of the field, and also penetrated four additional pay sands in addition to the main target.

“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,” said COO Tom Murphy.

By Marvin Goff