1947 Oil & Gas (1947 ) has restored production at its Eugene Island 331 Field, following an extended shut-in necessitated by repairs to a downstream condensate facility.

Production was restored at a rate of 1,200 barrels of oil equivalent (boepd) gross and approximately 1,000 boepd net, which is 81% oil weighted.

Further, a production increase has been delivered at the Ship Shoal 198 field due to a recent workover campaign. Production at Ship Shoal has increased to 1,275 boepd gross, 1,060 boepd net, after averaging 545 boepd net in the first half of 2026. 

Additionally, 1947 has been awarded two offshore lease blocks by the Marine Minerals Administration as part of the Big Beautiful Gulf 3 Lease Sale which took place on 12 August 2026.

This is the third offshore oil and gas lease sale in the Gulf of America required under the One Big Beautiful Bill Act established to advance responsible redevelopment of the USA’s offshore energy resources.

The two blocks awarded are West Delta 133 and South Timbalier 314 in the Gulf of America, which will add 10,000 gross acres to the portfolio, increasing 1947’s acreage under lease. The bid for the two lease blocks totalled approximately $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 1947’s executive chairman Tim Duncan.

“This will ensure a positive end to 2026 as we look forward to more catalysts in 2027. Since closing the Renaissance transaction, the company is high-grading organic opportunities internally while continuing to look at market opportunities externally and we are excited about our path forward in being a reliable consolidator and counterparty of choice for the Basin.”

View from Vox

1947 is a newly formed oil and gas production company focused on aggregating and redeveloping assets in the United States Gulf Coast and Gulf of America, and so far it’s doing just fine. These updates follow hot on the heels of the recent Aim listing, itself the culmination of a deal to acquire a suite of oil & gas assets from a company called Renaissance Offshore. This asset base has created a solid platform for growth, and 1947 now aims to build a leading independent producer through the roll-up of mature conventional oil-weighted assets that benefit from new technology and new investment. It should be an exciting ride.