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Stock impact report

W&T Offshore unveils Gulf of Mexico joint exploration, development program [Seeking Alpha]

W&T Offshore, Inc. (WTI) 
Last w&t offshore, inc. earnings: 3/4 04:45 pm Check Earnings Report
Company Research Source: Seeking Alpha
W&T Offshore unveils Gulf of Mexico joint exploration, development programW&T Offshore (NYSE:WTI)+5.8% after-hours as it enters into joint exploration and development agreements with an investor group todrill as many as 14 specified projects in the Gulf of Mexico over the next three years or more, with an initial capital commitment of $230M.WTI says the total anticipated project level commitment is as much as $419.6M, including the company's own commitment; the initial capital commitment of $230.5M is subject to increase up to a maximum $275.9M commitment if additional investors join the drilling program.The investor group initially will receive 70% of the net revenues from the group of wells for 80% of the total well costs, while W&T initially will receive 30% of net revenues for 20% of the total well costs; once the investor group achieves certain return thresholds with respect to a given well, WTI would receive 38.4% of the net revenues attributable to the well.See all stocks on th Show less Read more
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