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W&T Offshore, Inc. has been named the 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.
W&T submitted the winning bid on two shallow water blocks:
- Eugene Island South Addition block 389
- Ewing Banks block 979
These two blocks cover a total of approximately 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.
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