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W & T Energy VI acquires Woodside Energy's Gulf Of Mexico deepwater properties


Published May 22, 2014
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W&T Offshore, Inc.

W&T Offshore, Inc. announced that its wholly owned subsidiary, W & T Energy VI, LLC (Energy VI), has completed the acquisition of exploration and production properties in the deepwater of the Gulf of Mexico from Woodside Energy (USA) Inc.

The transaction includes a 20% non-operated working interest in the producing Neptune Field (Atwater Valley blocks 574, 575 and 618 along with an interest in the associated tension leg platform). In addition, Energy VI is acquiring all of Woodside's interest in 24 deepwater exploration blocks.

The purchase price is $51 million (subject to customary post-effective date adjustments) and the assumption of any related asset retirement obligations. The acquisition was funded from available cash on hand and the revolving credit facility.

Tags: W&T Offshore




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