W&T Offshore has announced that the Company was the apparent high bidder on two blocks in the Gulf of Mexico Lease Sale 256 held by the Bureau of Ocean Energy Management ('BOEM') on November 18, 2020.
Lease Sale 256
W&T was the apparent high bidder in the most recent Gulf of Mexico lease sale on two shallow water blocks, Eugene Island South Addition block 389 and Ewing Banks block 979. These two blocks cover a total of approx. 8,800 acres. If awarded, the Company will pay approximately $518,000 for the awarded leases combined, which reflects a 100% working interest in the acreage. The two shallow water blocks have a five-year lease term and 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. W&T expects to receive the final award results over the next 90 days.
Source: W&T Offshore