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W&T Offshore: High Bidder on Mexico Gulf Blocks

W&T Offshore

W&T Offshore Apparent High Bidder on Two Gulf of Mexico Blocks in Lease Sale 257. And Announces Participation in Upcoming Investor Conferences.

W&T Offshore, Inc. today announced that the Company was the apparent high bidder on two blocks in the Gulf of Mexico Lease Sale 257. The Bureau of Ocean Energy Management (“BOEM”) held this Sale on November 17, 2021. W&T will also be participating in two upcoming investor conferences.

Lease Sale 257

W&T was the apparent high bidder in the most recent Gulf of Mexico lease sale on two shallow water blocks. These are: Eugene Island South Addition block 385 and Ship Shoal South Addition block 360. These two blocks cover a total of approximately 10,000 gross acres. If awarded, the Company will pay approximately $295,000 in total for the awarded leases combined, which reflect a 100% working interest in the acreage.

Secondly, the blocks have a lease term of five years and a 12.5% royalty. Despite submitting the apparent high bid on these leases, the BOEM reserves the right not to award the blocks based on their minimum bidding criteria. So W&T expects to receive the final award results over the next 90 days.

Also recommended for you: Gulf of Mexico oil producers consolidate faster during the pandemic

Investor Conferences

On the other hand, W&T will be participating at the following upcoming investor events:

  1. Bank of America Securities Leveraged Finance Conference 2021. Chairman and Chief Executive Officer Tracy W. Krohn will present Wednesday, December 1, 2021 at 9:45 a.m. Eastern Time and will also host virtual one-on-one meetings. The presentation will be webcast live and archived on W&T’s website, www.wtoffshore.com, on the “Overview” page in the Investors section of the site. An updated investor slide deck prepared in conjunction with the conference will be posted on the website under “Presentations” prior to the presentation.
  2. Capital One Securities 16th Annual Energy Conference. The Company’s senior management will be hosting virtual one-on-one meetings with investors on Monday, December 6, 2021. So W&T will not be making a formal presentation. An investor deck prepared in conjunction with the conference will be posted in the Investor Relations section of the Company’s website under “Presentations.”

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