Noble Energy farms out Dantzler interest to W&T Offshore

W&T Offshore has purchased a 20% working interest in the Dantzler prospect on Mississippi Canyon Blocks 738 and 782 in the deepwater Gulf of Mexico from Noble Energy Inc. Noble, which operates the prospect, estimates Dantzler’s resource potential at 50-220 million boe.

W&T Offshore said the well is currently drilling and the company expects to reach total depth and evaluate the well by yearend. W&T Offshore also expects to mobilize a rig at its MC Block 243 Matterhorn field in early October and commence completion operations on the A-5 well, with first production expected in mid-November.

W&T Offshore reported that it has increased its 2013 capital budget to $550 million, excluding potential acquisitions. The revised budget includes increased deepwater activity, completion costs on successful exploration wells, additional onshore drilling at Yellow Rose field, along with additional seismic and leasehold cost. The revised budget is split 60% for exploration and 40% for development and allocated 65% to offshore and 35% to onshore.

"Of the 39 wells we have drilled thus far in 2013, only one well was noncommercial for a 97% overall success rate. The increase in this year’s capital budget is a result of our 2013 drilling success and our commitment to pursue additional opportunities in the deepwater Gulf of Mexico and onshore in our Yellow Rose field,” said Tracy W. Krohn, W&T Offshore chairman and chief executive officer.

Noble Energy reported earlier this month that it would move the drilling rig from its Troubadour discovery well after operations are completed to Dantzler, which had been operated by Noble with a 65% participating interest (OGJ Online, Sept. 11, 2013).

 

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