Major Upside!"Sugarkane"
Regional Play
Production, well log analysis and seismic has defined a trap in the Austin Chalk Total trap area ~ 200,000 acres
Major companies hold a significant proportion of the balance of the trap area
Austin Chalk has produced 5TCF and 700MMBO from vertically fractured chalk in Giddings and Pearsall fields
1930 –1970 vertical wells, mostly no stimulation
1970 –1990 complete field coverage with vertical wells and fracs
1990’s –horizontal re-development of the vertical drilled areas, high economic success based on better productivity and reserves
Conventional Austin Chalk
Has virtually no matrix porosity (~2%) –requires fracture permeability for productivity
Is normally pressured and has low porosity
In the vertical drilling phases only 20% of wells were successful due to the difficulty of hitting vertical fractures in vertical wells
The economics of third stage conventional Austin Chalk wells are
better than for the Barnett Shale which is currently the major US producing formation.
Background to Austin Chalk
Background to Sugarkane Discovery
The discovery well was drilled by Burlington 4 miles to the west of Sugarloaf and has been producing gas and condensate for the past year
Both wells are central in a 50km x 20km+ trap where early structure on the Fashing Arch, formed by drape over the deeper Hosston structure drilled in the Sugarloaf-1), allowed migration of oil into the structure and preserved porosity
Tight chalk forms the lateral seal all around the Sugarkane trap.
Sugarkane gas-condensate discovery in the Austin Chalk has high porosity (6%+) and is overpressured
Production, well log analysis and seismic has defined areas of interest in the Austin Chalk
Sugarloaf-1 logs and shows identical to the Sugarkane discovery well
Reserve Potential -Sugarkane
Additional information from expanded operations will be requiredin order to make firm estimates of reserves and economics
Potential reserves have been estimated for the 200,000 acre "Sugarkane"field by TCEI.
The field is expected to be developed with horizontal wells
Total Sugarkane reserve potential in the Austin Chalk (upper zone of 3 –the 2 lower zones assumed as nothing for this calculation)
is more than 3TCF and approx. 500MMBC
Based on these reserve and production assumptions, Sugarkane has better economics than conventional horizontal developed Austin Chalk and the Barnett Shale.
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