In 2019, W&T Offshore acquired a 75% working interest and operatorship in the Magnolia field from ConocoPhillips for $20 MM. The field was discovered in 1999 in 4,700’ of water on Garden Banks blocks 783 and 784 and located approximately 180 miles south of Cameron, Louisiana. The field has additional upside from pay sands in existing wellbores and several potential future drilling opportunities. In early 2020, the Company acquired the remaining 25% working interest in the field.
Percent oil and NGLs of mid-year 2023 proved reserves
2Q 2023 average daily equivalent sales rate (net)