MRO presentation 11 September.
YTD >80% of wells drilled at 60 acre spacing or less to increase by year end to average 90%.
Costs coming down
Spud to TD time reduced by 50% over the last 18 months. Averaging 1,455 ft/day (about 1ft per minute)
Frac cycle time reduced by 40% since Jan 2012.
Completed well cost now $7.3m and targeting about $7m in 2014
EFS provided 20% of its sales of liquids in Q2 2013 + 12% of its gas sales (compared to total global sales)
EFS production rate between 2013 and 2017 targeted to be 25% pa compound.
Improved well performance:
Excelsior Q2 2013 30 day IP 877 boepd
Longhorn (ditto) 1,124 boepd
No comment in presentation on Sugarloaf or Ipanema
mro buys another 4,800 acres, page-2
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