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Yangarra Tests New Cardium Area in Q3; Adjusts Well Design
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Yangarra reported its Q3 2017 financials as well as an operations update.
Drilling Activity
The Company has now drilled six wells in the post break-up drilling program (11 total wells for the year), and is currently drilling the 7th. Five of the wells have been completed and are on-stream and the sixth well will be completed shortly. The first three wells in the post break-up program were placed to push the boundaries of the Cardium acreage, step out into an untested area and test a new Cardium play concept.
Frack stages have been increased to 125-135 per 2-mile (from 105 stages), sand placement has been increased to 0.8-1.1 tonnes/m (from 0.5 tonnes/m) and well design continues to be optimized.
Production rates over the first 30 days on the initial three wells have averaged 470 boe/d per well (74% liquids) with one of the wells restricted approximately 50% due to capacity constraints.
Drilling and completion costs for the first three wells increased by 11% to $1,420 per lateral meter (from $1,280 per lateral meter on the last ten well program) due to the increased number of stages, more sand placement and larger water volumes. Costs are now trending lower as the Company mitigates the higher frack intensity with more efficient operations.
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