W&T makes oil discovery in the Gulf of Mexico
The Gladden Deep well is in about 3,000 ft (914 m) of water and was drilled to a total measured depth of 18,324 ft (5,558 m). It encountered 201 ft (61.3 m) of net oil pay.
W&T operated the well which is one of the 14 wells planned for the drilling program under the Monza JV. The company owns a 17.25% interest in the discovery.
Based on preliminary analysis of drilling and wireline logging results the recoverable resource is expected to be in line with the pre-drill estimate of 7 MMboe gross, according to partner Kosmos Energy (20% working interest).
Gladden Deep is being developed as a subsea tieback and is expected to be brought online through the existing Gladden pipeline to the Medusa spar in 4Q 2019.
Gladden Deep is the first well of a four-well infrastructure-led exploration (ILX) program in the US Gulf of Mexico in 2019. Kosmos will drill the Moneypenny prospect in 3Q and the Oldfield and Resolution prospects in 4Q. These three prospects are collectively targeting around 100 MMboe net to Kosmos.
Chairman and CEO Andy Inglis said: “Although Gladden Deep is the smallest prospect in this year’s drilling campaign, it is a prime example of our ILX strategy in action – targeting high margin, high return barrels that can be quickly brought online through existing facilities.
“The development of Gladden Deep has a full cycle rate of return of over 100% at $60/bbl Brent…”