The well, which is operated by Noble Energy, is located on Mississippi Canyon Block 699 in 7,273ft of water and was drilled to a total depth of 19,510ft.
W&T Offshore chairman and chief executive officer Tracy Krohn said the second discovery in the deepwater Rio Grande area helps to improve project economics.
"Initial project sanction is targeted by the end of this year and first production is expected toward the end of 2015," Krohn added.
The company stated that the discovery is located near the Noble Energy-operated Big Bend well at Mississippi Canyon 698, a discovery in which it owns a 20% working interest.
Gross resources that are discovered in the Big Bend/Troubadour Rio Grande area are estimated to be between 50 and 100 million barrels of oil equivalent, with 75% representing oil volumes.
