Project Profile
Investment: US$2.7 million
Location: Louisiana, USA
Water depth: 51.82 metres
Exploration start-up: Q4 2017
South Timbalier 224 (ST 224) gas/condensate prospect is on the GoM shelf offshore Louisiana, and sits in about 51.82 metres of water. W&T Offshore is the operator of the license with a 39% stake. Its now partner Otto farmed into the license in early July 2017, by buying 25% interest from Houston Energy which kept 11% interest. The remaining partner is an unnamed private U.S. company with a 25% interest. The prospect contains a large, amplitude supported, high CGR, gas condensate exploration prospect located in the prolific Bul. 1 trend, which is expected to be drilled in Q4 2017. ST 224 is surrounded by analogue high CGR discoveries, which present a similar amplitude expression on 3D seismic data making this a very attractive low risk exploration opportunity. Otto has committed to a financial investment of about US$2.7 million, including funds to evaluate the well using wireline techniques and in a failure case to plugging and abandonment at the location.
Operators:
W&T Offshore: 39% interest
Otto Energy: 25% interest
Houston Energy:11% interest
Private U.S. company: 25% interest