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Stone Eyes GOM for 2016; Talks Capex, Minimal Marcellus Ops
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Stone Energy Corporation provided an update on its 2016 capital expenditure budget, drilling and production operations and updated fourth quarter and annual 2015 production guidance.
2016 Capital Expenditure BudgetStone's Board of Directors has authorized an initial 2016 capital expenditure budget of $200 million, subject to further Board review. The proposed expenditures are primarily focused on the Pompano platform rig development program and the utilization of the ENSCO 8503 deep water rig for a development well and one to two exploration wells.
The budget includes minimal activity in the Appalachian basin, satisfying regulatory abandonment commitments and contractual seismic and leasehold commitments. The budget also assumes some success in farming-out the ENSCO 8503 rig to another…
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