1947 Oil & Gas has resumed production at Eugene Island 331 in the Gulf of Mexico after a long halt due to repairs at the condensate gathering facilities. This production began in late September at a capacity of 1200 barrels of oil equivalent per day (boed), of which approximately 1000 boed is considered net production, with 81 percent of this production being crude oil.
Production Increase at Ship Shoal 198
At Ship Shoal 198, 1947 Oil & Gas completed a workover campaign on the wells before the acquisition of Renaissance Offshore was finalized at the end of September, resulting in an increase in production to 1275 barrels of oil equivalent per day (boed). Net production in this field also increased to 1060 barrels of oil equivalent per day (boed), surpassing the average of 545 barrels of oil equivalent per day in the first half of 2026.
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Winning New Block Auction
1947 Oil & Gas also acquired two new blocks, West Delta 133 and South Timbalier 314, in the Gulf of Mexico lease auction held on August 12. These two blocks, covering an area of 10,000 acres, were previously held by Renaissance and now have a lower royalty rate of 12.5 percent, which could improve the economic conditions for redeveloping these blocks. The total bids for this auction were approximately $260,000.
Attention to New Opportunities in the Oil Industry
Tim Duncan, CEO of 1947 Oil & Gas, stated in a statement that the company is pleased with the return of Eugene Island 331 to production and the increase in production at Ship Shoal 198. He added that the company intends to enhance the opportunities within its portfolio while seeking new deals to be recognized as a consolidator in the sector.
The company has recently been listed on the AIM market in London and focuses on acquiring and developing existing assets in the Gulf of Mexico and offshore.
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