1947 Oil & Gas, the newly formed oil and gas production company focused on aggregating and redeveloping assets in the United States Gulf Coast and Gulf of America, 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 (“boepd”) gross and approximately 1,000 boepd 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 boepd gross, 1,060 boepd net, after averaging 545 boepd net in the first half of 2026.
Additionally, the Company has been awarded two offshore lease blocks by the Marine Minerals Administration (“MMA”) as part of the Big Beautiful Gulf 3 Lease Sale which took place on 12 August 2026. This is the third offshore oil and gas lease sale in the Gulf of America required under the One Big Beautiful Bill Act established to advance responsible redevelopment of the USA’s offshore energy resources.
The two blocks awarded are West Delta 133 and South Timbalier 314 in the Gulf of America, 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 totalled 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 1947 Oil & Gas plc
1947 aims to build a leading independent producer, through the roll-up of mature conventional oil-weighted assets that benefit from new technology and new investment, specifically in the Gulf of America and along the US Gulf Coast. The Company was founded by Jeff Currie and Ivan Murphy and is led by Executive Chairman, Tim Duncan.
Source: 1947 Oil & Gas
