Some numbers here once again from Apache, released tonight I think they may well be running shorter lat's Where they are in Irion county.Remirez pointed out the cost per hori drill of $7 mill but from memory SG is planning on lat's around the 8,000 - 10,000 ft which obviously increases costs but, for a much greater return. Happy for someone to correct me on this as it's to late for me to go searching,lol
Night all, things are looking that little bit rosier tonight that's for certain. Looking forward to Monday.
Apache Corporation (APA) disclosed for investors and shareholders the economics of drilling and completing horizontal oil and gas wells into the Wolfcamp Shale in the Midland Basin area of the Permian Basin.
Apache estimates that horizontal wells drilled and completed into the Wolfcamp Shale will cost an average of $7.7 million and have an estimated ultimate recovery (EUR) of 598,000 barrels of oil equivalent (BOE).
Apache estimates that 91% of the production from these wells will be crude oil or other liquid hydrocarbons and yield and return 44%. The company estimates that it has 971 drilling locations in the Wolfcamp Shale in the Midland Basin.
Apache has spud seven horizontal wells to date into the Wolfcamp Shale and is operating three rigs in Irion County, Texas, as of June 2012.
GGP Price at posting:
1.1¢ Sentiment: Buy Disclosure: Held
