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W&T Offshore Reinitiates Drilling; Plans Workovers for 2017
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W&T Offshore reported its third quarter 2016 operational and financial results, as well as its 2016 fourth quarter and full year production and expense guidance.
Key Points: We re-initiated drilling operations on the SS349 A-18, which is expected to reach total target depth of 18,722 feet in the November/December timeframe. Following the completion of the A-18 well, we expect to conduct workover activities on several wells to further enhance field production, likely beginning in early 2017. Highlights: On September 7, 2016, completed an Exchange Transaction (defined and described below) of $710.2 million, or approximately 79%, of our 8.50% Senior Notes due 2019 for new secured notes and common stock. At the same time we closed on a new $75 million 1.5 Lien Term Loan. The Company…- ✓ Full news archive — U.S., Canada & international coverage
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