W&T Offshore reported that during the first quarter of 2008, the company drilled four successful exploration wells that yielded commercially viable results.
W&T has a 100% working interest in the three Ship Shoal wells -- 315, 300 and 314 -- and a 50% working interest in the South Timbalier well.
After the end of the quarter, W&T Offshore drilled an additional two wells that also proved to be commercially viable.
W&T has a 30% working interest in the High Island well and a 47% working interest in the Ship Shoal 224 well.
"We are four for four in the first quarter, all of which were commercially successful, and two for two since the close of the first quarter which were commercially successful," said W&T Offshore Chairman and CEO Tracy Krohn. "Our exploration drilling program has a success record of 100% so far this year. In fact, we are twelve of thirteen in exploration wells and two for two in development wells, for an overall success rate of 93% for the last 16 months. We expect to see a ramp up in drilling activity over the next two weeks. This level of rig activity puts us in the right position to achieve our goals for the year 2008,
"Currently, we have seven operated rigs running and two non-operated rigs running."
W&T Offshore told Rigzone that detailed information on the discoveries would be offered at a future conference call.
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