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Cabot Energy reveals winter side-track well successes

"These sidetrack wells provide excellent data reference points as we look to replicate this success in the summer programme and plan the ongoing development of production and reserves in the region next year."
oil and gas operations
Drilling at the fourth side track is due to finish this week

Cabot Energy Plc (LON:CAB) told investors that its winter drill programme in Alberta, Canada is ahead of schedule.

Three of four well side-tracks have now been drilled and tested successfully, and the drilling of the final well is due to be completed shortly.

READ: Cabot Energy continues work to close Italian acquisition as Rockhopper reports pipeline problem at gas field

It revealed test results for the three wells. The 06-08 well yielded 570 barrels of oil per day in testing and it is expected to have an initial production rate of 160 bopd.

The 15-31 well showed 100 bopd in testing and is expected to start at 100 bopd also, meanwhile, the 10-06 well flowed 626 bopd in testing and is due online at 160 bopd.

Drilling is due to complete on the 03-07 well within the current week, and testing will follow.

Cabot noted that all four wells will flow oil into existing pipelines, to the group’s processing and crude sales facility.

Keith Bush, Cabot chief executive, said: “The winter work programme is progressing well and each successful sidetrack well supports our technical approach to the redevelopment of the Rainbow region through the use of 3D seismic to identify the properties within each reef and target productive zones.

“With the completion of the fourth well likely to occur in the coming weeks, the programme will complete ahead of schedule and before the annual spring thaw, which is a credit to our operational team in Canada.

He added: "These sidetrack wells provide excellent data reference points as we look to replicate this success in the summer programme and plan the ongoing development of production and reserves in the region next year."

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