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Carrizo Updates Ops Across Eagle Ford, Niobrara, Utica Plays

Share Print Bookmark    |    Tuesday,January 27,2015

Carrizo Oil & Gas has reported an update on its Eagle Ford, Utica and Niobrara operations.

Eagle Ford Shale

In the Eagle Ford Shale, Carrizo is increasing its type curve EUR for the play to 510 MBoe per well from 499 MBoe due to continued strong performance across its position. Additionally, through the combination of continued improvements in operating efficiency and service cost reductions, Carrizo now expects completed well costs to average $5.8 million by the fourth quarter of 2015.

Utica Shale

In the Utica Shale, Carrizo's second well, the Brown 1H in Guernsey County, was brought online January 15, 2015. From January 16 through January 21, the well averaged 502 Bbl/d of condensate and 1.1 MMcf/d of rich natural gas on a 16/64" choke. Carrizo is encouraged by the early results from the Brown 1H well, which was an updip test of the company's acreage on the western side of its position. Carrizo is the operator of the Brown 1H well, and holds a 50% working interest in it.

S.P. "Chip" Johnson, IV, Carrizo's President and CEO, commented, "We are pleased with the results from our second well in the Utica Shale, the Brown 1H. This was an updip test of our acreage in the play and helps de-risk our western acreage position. We plan to perform an extended flow test on the well to better understand the reservoir performance in this part of the play."

Niobrara Shale

In the Niobrara formation, Carrizo has tested 40-acre spacing in the B bench at five separate pilots spread across its acreage position. Based on the analysis of these well results, combined with an analysis of non-operated results, Carrizo has adjusted its development in Area 1 and part of Area 2 to include 40-acre spacing vs. 60-acre spacing previously. This adds approximately 75 net locations to the company's drilling inventory in the play. Additionally, as the added locations are in the Company's higher-return areas of the play, Carrizo is increasing its type curve EUR for the play to 275 MBoe per well from 253 MBoe; the Company's type curve EUR excludes wells that are not economical below $80/Bbl.