W&T Offshore completes purchase of deepwater gulf assets

W&T Energy VI LLC, a wholly owned subsidiary of Houston independent W&T Offshore Inc., has completed its acquisition of exploration and production properties in the deepwater of the Gulf of Mexico from Woodside Energy (USA) Inc., a subsidiary of Woodside Petroleum Ltd., for $51 million.

The transaction includes 20% nonoperated working interest in the producing Neptune field—Atwater Valley Blocks 574, 575, and 618 along with an interest in the associated tension-leg platform.

“In the second half of 2014, there are plans to drill a well into existing pay sands [of Neptune]. Longer term, the northern portion of the field has not been tested, and assuming success, would substantially increase the size of the field,” said Tracy W. Krohn, W&T Offshore chairman and chief executive officer.

Energy VI is also acquiring all of Woodside’s interest in 24 deepwater exploration blocks, with 16 identified prospects, one of which is Arcadius on Garden Banks Block 346, just one block south of the company’s producing Power Play field.

Total net proved reserves acquired are 1.9 million boe with a PV-10 of $53 million and probable net reserves of 1.1 million boe. Average daily net production from Neptune during January was 1,660 boe, of which 87% was oil.

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