Ops update 2 weeks ago24 Aug 2018 13:59
Reading the ops update again reminds us of what is to come, some quotes from it:
The CO-372 well was spud on June 15, 2018 and reached a total depth of 6,500 feet. The rig was released on July 13, 2018, and the well was cased for oil production. Wireline logs indicated the presence of approximately 413 feet of net oil pay as follows:
CO-373 was spud on July 17, 2018 and reached a total depth of 5,250 feet on August 3, 2018. Wireline logs indicated the presence of approximately 240 feet of net oil pay as follows:
Completion operations have commenced on CO-372 and are expected to be concluded by early next week. CO-373 will be completed immediately following CO-372, with both wells expected to be on production within the next two weeks.
CO-370 and CO-371 have yet to be completed in their primary up-hole zones of interest as the Company has been producing from deeper secondary opportunities in both wells. Current regulatory guidelines require deeper prospects to be tested for commerciality before moving up-hole. The sands of the Upper Cruse Formation have not proven to be economic based on initial testing with high gas rates being observed in CO-370 and limited inflow being seen in CO-371. On a combined basis, the two wells are currently producing at a field estimated rate of 20 bbls/d. The Company has applied to move up-hole to the primary zone of interest in both wells and will commence operations once approvals are obtained. It is anticipated that both wells will be completed and on production before the end of August.
With TXP having given us 7 operational updates in the past 12 months and 5 already this year it shows we are not restricted to quarterly news so I wouldn't be surprised if we had another update very soon, either on the completion of these wells or to celebrate achieving the 2000bod milestone?!