W&T Offshore, Inc. announces that the Company was the apparent high bidder on two blocks in the Gulf of Mexico Lease Sale 257 held by the Bureau of Ocean Energy Management (“BOEM”) on November 17, 2021. W&T will also be participating in two upcoming investor conferences.
Lease Sale 257
W&T was the apparent high bidder in the most recent Gulf of Mexico lease sale on two shallow water blocks, Eugene Island South Addition block 385 and Ship Shoal South Addition block 360. These two blocks cover a total of approximately 10,000 gross acres. If awarded, the Company will pay approximately $295,000 in total for the awarded leases combined, which reflect a 100% working interest in the acreage. The blocks have a lease term of five years and a 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.
