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Penn Virginia Adds to 2018 Capex to Fund Longer Laterals; Drills Longest to Date at 11,000'
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Penn Virginia reported its Q2 2018 results.
2018 Capex Upped to Support More Wells, Longer LateralsPenn Virginia updated its 2018 guidance as follows:
- Capex increased to $390-410 million (up +18% at the midpoint from its original plan)
The company will be redirecting capital to its Area 2, where it is drilling longer laterals as seen below. A total of 13 wells have been added to its 2018 plan. The Company recently turned to sales the two-well Hawn Holt pad. This pad includes the Hawn Holt 19H which is the Company's longest lateral drilled to date at over 11,100 feet. Area 2 Well ResultsIn Area 2 North, optimized completions along with a conservative choke management protocol have improved early life well performance and the Company is increasing its Area 2 EURs by approximately…
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