W&T Offshore, Inc. WTI announced a new discovery at the Ewing Banks 954 A-8 exploratory well located in the deepwater Gulf of Mexico. The well, which recently reached total depth, represents the second discovery in a two-well drilling program from the EW 910 platform. This second well follows the earlier discovery at the ST 320 A-5 well in May 2015, which was also drilled from the EW 910 platform. W&T is the operator of the EW 910 field and owns a 50% working interest in the well.
The EW 954 A-8 well penetrated a total of 150 feet of measured depth hydrocarbon pay contained in two sands. Completion operations are currently underway with a planned two-zone completion. Following facility tie-in, first production is expected during the first quarter of 2016.
W&T Offshore is an independent oil and natural gas producer with offshore operations in the GoM and onshore activities in the Permian Basin of West Texas and in East Texas. The company has grown through acquisitions, exploration and development, and currently holds working interest in approximately 60 offshore fields in federal and state waters (56 producing and four fields capable of producing).
W&T Offshore currently has under lease over 1.0 million gross acres, including over 0.6 million gross acres on the Gulf of Mexico shelf and over 0.4 million gross acres in the deepwater. A large chuck of the daily production is derived from wells it operates offshore.
The company currently carries a Zacks Rank #3 (Hold). However, there are other stocks in the sector that appear rewarding. Among these, Energy Transfer Equity, L.P. ETE, ReneSola Ltd. SOL and Boardwalk Pipeline Partners, LP BWP are expected to outperform the broader market over the next few months and carry a Zacks Rank #1 (Strong Buy).
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