ResultsCompany " There is significant variability between well results in every other shale gas play, including the more established ones. Given the statistical nature of shale plays, we continue to target an average initial 30-day flow rate from this pilot horizontal program of approximately 2 MMCF/D." I believe this was stated in August.
Results 3 stages 30 day average at 240 each = 720 mcf/d
If eight stages were successful = 1920 mcf/d which is "approximately 2 MMCF/D".
I think the horizontal leg was also only 700 metres and not 1000 as in their models. This was an unstructured part of the play not structured and this was reasonable.
Conclusion: Not too bad .....actually very reasonable!
Talisman will also probably want to 1) watch other well data in area, 2) wait for proper equipment to become available at better rates since gas prices are so low 3) wait for a regulatory framework to be established to mitigate the risk. Their timeline is most likely longer term and are able to be more patient given their large capital structure verses QEC.
This is only the 1st inning!!