Economics : Type Curve

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Marcellus and Utica Single Well Type Curves MARCELLUS SINGLE WELL TYPE CURVE Marce Restricted Rate Marcellus Current Prio 12.0 EUR (Bcf / 1,000') 2.16 1. 10.0 Lateral Length 7,000 7,0 EUR (Bcf) 15.1 13 8.0 Interwell Spacing (ft) 750 7 MMcf/d Choke (MMcf/d per 1,000') 1.50 1. 6.0 Cumulative Production 1 Year Flat Time (days) 180 1 3.4 4.0 2 Year 5.2 1-Year Cum. (Bcf) 3.4 3 5 Year 8.1 2-Year Cum. (Bcf) 5.2 5 2.0 10 Year 10.6 5-Year Cum. (Bcf) 8.1 8 EUR 15.1 10-Year Cum. (Bcf) 10.6 10 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 IRR (3.50 HHUB) 77% 46 Years PV-10 ( mm) (3.50 HHUB) 10.1 5 OHIO UTICA SINGLE WELL TYPE CURVE Utic 20.0 OH Utica Current Prio Restricted Rate EUR (Bcf / 1,000') 2.33 2. Lateral Length 9,000 8,0 15.0 EUR (Bcf) 21.0 20 Interwell Spacing (ft) 1,000 7 MMcf/d Choke (MMcf/d per 1,000') 1.80 1. 10.0 Cumulative Production Flat Time (days) 365 2 1 Year 5.8 1-Year Cum. (Bcf) 5.8 5 2 Year 9.0 2-Year Cum. (Bcf) 9.0 7 5.0 5 Year 12.5 10 Year 15.2 5-Year Cum. (Bcf) 12.5 11 EUR 21.0 10-Year Cum. (Bcf) 15.2 14 IRR (3.50 HHUB) 83% 56 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 __________________________ Years PV-10 ( mm) (3.50 HHUB) 13.7 10 Note: See appendix for summary of assumptions used to generate single well IRRs. 15 www.riceenergy.com
Rice Energy
September 2016

Utica Shale Condensate Window Type Curves Condensate Single Well Economics(1) Type Curve Assumptions(1) West East Lateral Length 8,000 8,000 50% 45% Well Cost (MM) 8.7 8.7 40% Well Cost ( per foot) 1,083 1,083 30% 38% 30% Total EUR (Bcfe / 1,000) 0.7 1.0 20% 15% 25% Total EUR (Bcfe) 5.7 8.1 10% % Gas 42% 56% 12% 0% Gas 2.50 / Oil 42.50 / Gas 3.00 / Oil 50.00 / Gas 3.50 / Oil 58.00 / Gas 4.00 / Oil 67.00 / Gas 4.50 / Oil 75.00 / Assumed Well Spacing (ft) 600 600 NGL 10.00 NGL 12.00 NGL 14.00 NGL 16.00 NGL 18.00 Net Undeveloped Locations 125 63 Condensate West Condensate East Condensate Type Curves(1) 7,000 4.0 6,000 3.5 3.0 5,000 Mcfe per day 2.5 4,000 Bcfe 2.0 3,000 1.5 2,000 1.0 1,000 0.5 - 0.0 Months 0.7 Bcfe / 1,000' Daily Production 1.0 Bcfe / 1,000' Daily Production 0.7 Bcfe / 1,000' Cumulative Production 1.0 Bcfe / 1,000' Cumulative Production Note: See appendix slide 26 for detailed assumptions used to generate single well IRRs and slide 30 for net undeveloped locations. 1) Assumes ethane rejection. 27
Gulfport Energy Corp.
November 2016

Utica Shale Rich Condensate Type Curve Economics Type Curve 3-String 2-String Total Well Cost 9.0 MM 8.2 MM Gross 950 Mboe EUR Condensate Only 450 Mbo Net 770 Mboe F&D Cost 11.69 / Boe 10.65 / Boe IRR 45% 57% 75 Oil NPV 5.7 MM 6.5 MM IRR IRR 29% 37% & 65 Oil NPV (1) NPV 3.4 MM 4.2 MM IRR 16% 21% 55 Oil NPV 1.1 MM 1.9 MM NYMEX NPV10 Breakeven 50.00 46.50 (1) Economics based on NYMEX prices and include 7.50/Bbl deduct for condensate, 40% NYMEX oil for NGL mix assuming no ethane recovery, and 3.00/Mcf NYMEX gas less 1.50-2.00/Mcf. (2) Total well cost includes 1.3MM for allocated infrastructure. 25 25 CRZO
Carrizo Oil & Gas Inc.
January 2017

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