Q3 Report Wells I think one of the lessons reconfirmed in 2021 and a good take away when looking at Cardium players is the amount of communication and news release is probably quite corelated with how sucessful year has been.
OBE has released constant updates. We just so far have had only 12 new wells producing for the 9 Months but we still have released detailed info regularly. IPO also released lots this year.
But look at BNE and YGR...probably a reason they are communciating at a lower pace then OBE.
LOL just isnt much good news to share.
Anyways let's look at some wells:
- 3-3 pad – IP30 rates for the two wells averaged 494 boe/d (70 percent light oil)
- These two wells are likely to each produce 25000-27000 barrels of oil in first three months.
Probably will be 10500 BO 1st month, 9000 BO month 2 and 7000 BO in month 3.
Really good...include the NG and NGL and with current prices that is a 3-4 month payback on each well. Very good. - 3-29 pad – IP30 rate for the well was 201 boe/d (84 percent light oil)
-This well on 3-29 Pad is much better then it appears. It was a well that drilled on an existing pad already producing. Here is the key is shorter in length by like 0.5 miles then the other wells on the pad. IE capital cost would be cheaper then 3.2M on it. Something to consider. more like a 2.0-2.4M capex, also on an existing pad so cheap. Anyways should still be a 6 month payback or less. Should do 13000 BO range in first 3 months. -
- 1-33 pad – IP30 rate on the first well was 218 boe/d (71 percent light oil); following a pump repair, the second well averaged 372 boe/d (66 percent light oil) over the past 22 days
-I am VERY happy to see this pad producing. I was concerned abit earlier. This pad produced like one day in July and then stopped. Day in August and then stopped. This pad was like started in June on drilling. I knew something was wrong here. Glad it was pump issue and not something more serious. This happens. We would have even had more Q3 if this would have been going earlier.
These numbers are fine. Actually expect this pad to increase on NG side so cant tell payback yet. IT could be way better then 5-6 months it appears.
Pembina:
The first well at the 7-17 pad has produced at an average rate of 310 boe/d (69 percent light oil) for the 15 days post-cleanup.
This should have an 4 -5 month payback as well. Pembina is interesting as they decline less in first 4 months then Willy usually. Upside to my numbers here.
Oil is 100 bucks Canadian...
Bigoray: The two vertical non-Cardium wells (1.5 net) rig-released in October continue to produce at strong rates. The first well averaged 331 boe/d (97 percent light oil) over its first twenty-five days. The second well produced at an average of 222 boe/d (95 percent light oil) over its 10 days of production post-cleanup.
-These two wells are beautiful. 35-50 day payouts lol. Cheap.
Obsidian hooked up 12 wells in first 9 months and an estimated 13 in Q4 and and another pile in Q1 2022.
We are about to hit lift off on production levels.