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Louisiana Austin Chalk Wells Disappoint; Little Options Remain
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ConocoPhillips' new Louisiana Austin Chalk asset isn't what the company was hoping for, according to a report by the Houston Chronicle.
The exploratory wells it has drilled in the area thus far have not been what the company had been hoping for. According to Conoco COO Matt Fox, the wells they have drilled have only been producing ~100 BOPD, which would not justify full-scale development. Three of the four wells drilled have produced 90% water.
Based on what we know about the area, on average these exploratory wells cost between $14-$18 million and when you factor in the +$200 million the company spent on acquiring the property, the stay this was a disappointment is an understatment.
As a result of the poor results, Conoco plans to switch the focus of the asset to potential development…
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