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GOM E&P Suspends Major Project to Save Cash; Seeks Partner for Other Wells
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Stone Energy Corporation announced financial and operational results for the first quarter of 2016.
Key Points: To further reduce capital expenditures for 2016, Stone has elected to suspend the Pompano drilling program after the completion of the Silverthrone well. The suspension of the Pompano program is expected to reduce the capital expenditure budget estimate by approximately $20 million to $30 million (from $200 initially announced). Additionally, if Stone has not secured partners for the Lamprey, Derbio or Rampart exploration wells, operations of the ENSCO 8503 deep water drilling rig are expected to be suspended in the third quarter of 2016, following the completion of the second farm out. Highlights: Production volumes exceeded the upper end of first quarter of 2016…- ✓ Full news archive — U.S., Canada & international coverage
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