1947 Oil & Gas issues Gulf of Mexico operations update
1947 Oil & Gas plc, the newly formed oil and gas production company focused on aggregating and redeveloping assets in the United States Gulf Coast and US Gulf of Mexico, has announced several operating updates since its listing on the London Stock Exchange’s AIM market and closing its transaction with Renaissance Offshore, LLC.
At the Eugene Island 331 field, production was restored in late September 2026, following an extended shut-in period due to repairs in a downstream condensate gathering facility. Production was restored at a rate of 1,200 barrels of oil equivalent gross and approximately 1,000 boe/d net, which is 81% oil weighted.
Further, a production increase was seen in the Ship Shoal 198 field due to a recent workover campaign prior to closing the Renaissance transaction at the end of September 2026. Production of this asset has increased to 1,275 boe/d gross, 1,060 boe/d net, after averaging 545 boe/d net in the first half of 2026.
Additionally, the company says that it has been awarded two offshore lease blocks by the Marine Minerals Administration as part of the Big Beautiful Gulf 3 Lease Sale which took place on August 12, 2026.
The two blocks awarded are West Delta 133 and South Timbalier 314 in the US Gulf of Mexico, which will add 10,000 gross acres to the portfolio, increasing 1947’s acreage under lease. The two lease blocks were previously in the Renaissance portfolio; however, both leases now carry a lower 12.5% royalty rate, which will improve the economics in the re-development opportunities available to the company. The bid for the two lease blocks totaled approximately $260,000.
Tim Duncan, Executive Chairman of 1947 commented: “We are excited to have Eugene Island 331 back on-line and the increase in production at the Ship Shoal 198 field, both in-line with our expectations. This will ensure a positive end to 2026 as we look forward to more catalysts in 2027. Since closing the Renaissance transaction, the company is high-grading organic opportunities internally while continuing to look at market opportunities externally and we are excited about our path forward in being a reliable consolidator and counterparty of choice for the basin.”
About the Author
Bruce BeaubouefBruce Beaubouef
Senior Lead Reporter / Managing Editor
Bruce Beaubouef is Managing Editor for Offshore magazine. In that capacity, he plans and oversees content for the magazine; writes features on technologies and trends for the magazine; writes news updates for the website; creates and moderates topical webinars; and creates videos that focus on offshore oil and gas and renewable energies. Beaubouef has been in the oil and gas trade media for 25 years, starting out as Editor of Hart’s Pipeline Digest in 1998. From there, he went on to serve as Associate Editor for Pipe Line and Gas Industry for Gulf Publishing for four years before rejoining Hart Publications as Editor of PipeLine and Gas Technology in 2003. He joined Offshore magazine as Managing Editor in 2010, at that time owned by PennWell Corp. Beaubouef earned his Ph.D. at the University of Houston in 1997, and his dissertation was published in book form by Texas A&M University Press in September 2007 as The Strategic Petroleum Reserve: U.S. Energy Security and Oil Politics, 1975-2005.
Related
