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Stone Ditches Appalachia Rig in Q3; Keeps GOM Activity Low
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Stone Energy announced financial and operational results for the third quarter of 2016.
Highlights: Production volumes exceeded the upper end of third quarter 2016 guidance Execution of a restructuring support agreement with noteholders Execution of a purchase and sale agreement for Appalachian assets Amethyst well stimulation initiated Operational UpdatePompano Platform Production Update (Deep Water)
On June 28, 2016, the gas processing plant in Pascagoula, Mississippi experienced an explosion that shut down the facility, which is currently expected to return to operation late in the fourth quarter of 2016. Although Stone has no direct interest in the plant, it processed approximately 20-25 MMcf per day (gross) of gas produced from the Pompano platform. On July 21, 2016, we negotiated…
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