Post by
phoenix_trader on Oct 01, 2023 7:59pm
W&T’s bargain purchase, about 70K boed for $88.5 mill
Document 833 at the Kroll Cox bankrupcy site sows the winning bids at the auction.
W&T had winning bids for about 90% of the producing assets.
An absolute bargain purchase which could be followed in early 2024 by the the planned Holy Grail well drilled from a rig on 100% owned Magnolia platform.
Expect a PR early tomorrow giving more details.
GOM production normally receives Brent pricing.
Comment by
phoenix_trader on Oct 01, 2023 8:13pm
Document 934 gives those objecting three days then a hearing will be set. Closing next month with production since July reducing the purchase price.