(WO) – 1947 Oil & Gas has restored production at the Eugene Island 331 field in the U.S. Gulf after an extended shut-in for repairs to a downstream condensate gathering facility. Output resumed in late September at 1,200 boed gross (about 1,000 boed net), 81% oil weighted.
At the Ship Shoal 198 field, a workover campaign completed before 1947 closed its acquisition of Renaissance Offshore at the end of September lifted production to 1,275 boed gross. Net output rose to 1,060 boed from an average of 545 boed in the first half of 2026.
1947 also won two blocks in the Big Beautiful Gulf 3 lease sale held Aug. 12, the third offshore lease sale required under the One Big Beautiful Bill Act. West Delta 133 and South Timbalier 314 add 10,000 gross acres. Both blocks were previously held by Renaissance and now carry a lower royalty rate of 12.5%, which the company said will improve the economics of redeveloping them. The bids totaled about $260,000.
“We are excited to have Eugene Island 331 back on-line and the increase in production at the Ship Shoal 198 field, both in-line with our expectations,” said Executive Chairman Tim Duncan. He said the company is high-grading opportunities within its portfolio while looking at outside deals as it positions itself as a consolidator in the basin.
1947 recently listed on London’s AIM market. It focuses on acquiring and redeveloping assets on the U.S. Gulf Coast and in the Gulf.
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