Stone Energy’s Cardona #6 development well, in Mississippi Canyon block 29 of the Gulf of Mexico (GOM) has been proceeding ahead of schedule and below budget, and drilling has been completed through the targeted zones.
The well encountered 288ft of net pay in two intervals, similar to the Cardona #5 net pay of 275ft. Analyses of logging and pressure data confirmed the existence of oil in the pay zones. The well has been successfully cased and cemented across all productive zones, the subsea tree has been installed and completion operations have begun.
The well will be tied into Stone’s existing Cardona subsea infrastructure, which flows into Stone's Pompano platform. Gross production from Cardona #6 could reach 5000 boe/d (Stone has 65% working interest) from the lower completion by late September. The upper completion is expected to have a similar production rate and will be accessed in the future by hydraulically shifting sleeves between the upper and lower completions.
Upon completion of the Cardona #6 well, the Ensco 8503 deepwater drilling rig will be released for 60 days to receive scheduled maintenance and to be outfitted with mooring capabilities. The rig will then be mobilized to Mississippi Canyon block 26 to finish the completion of the Amethyst discovery (100% working interest). Amethyst will also be tied back to the Pompano platform, where first production is expected in early 1Q 2016. Following the Amethyst completion, the rig will drill the Cardona #7 development well and the Lamprey deepwater exploration prospect.
Production for 2Q is expected to be at or above the high end of the previous guidance range of 246-258 MMcf/d. The increase is a result of reduced scheduled third-party pipeline downtime in the GOM deepwater and flatter than expected production declines in Appalachia. Additional upward revisions in Appalachian production could be realized in 2Q 2015 earnings results, pending participation elections by Stone's operating partners.
Image: Stone Energy's GOM operations / Stone Energy
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