Can anyone help with the phrase 'somewhat stabilised' as it relates to the Heintschel wells?. Does this mean that the flows have not in fact stabilised and only that the rates of decline have declined?
On the 14th of April it was announced that Joann #1 was flowing 1578 mcf gas and 79bbls condensate per day with a monthly revenue of $145,000 and an intention to cautiously open the choke from its` then 14/64 so as to increase flows to 2 mcf. No reference is made to the current choke size today so take it that this hasn`t been altered but production is now 1340 mcf/d gas and 62bbls/d condensate with monthly revenue $120,000. Despite today`s re-stated intention to open the choke this -and a step-out- now look less likely as nowhere does it say that the downward trend in flow and revenue has halted.
The drop in tax-if granted- and increased revenues from LPG should mitigate the decline from all wells over the next few months but Joann the biggest disappointment and no mention at all of Brasher which we were previously told has been overhauled and fitted with a compressor. With Joann now an unlikely company-maker how to optimally develop Heintschel is more than ever the key. A strategy is being applied and patience will be required.
Taken an increased stake-cost not specified- in Hill Prairie Bell for August drilling. Less exploration wells with bigger stake/drill cost = increased risk but these are the sort of calls management make on our behalf and it will provide for a bit of action.
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