More Wildmere 04-19Lycos acquired new licences last Thursday to drill three more wells in the Wildmere field at LSD 04-19-048-05 W4. These new wells will be approximately 1 mile south of the three wells they drilled earlier this year on the 03-30-048-05 W4 pad. Two of the previous wells had IP90 averages of over 300 barrels of oil per day. The third well had an initial IP30 rate of 404 barrels of oil per day so its IP90 should also be very similar at 300 barrels per day.
Lycos is keeping busy this summer. Looking forward to the Q2 results on Aug 22nd. Their end of Q4 production target is already looking way too conservative.
Outlook
As Lycos converts inventory on lands acquired from last year, results are well above expectations. The recent success has added two new core areas to the Company’s portfolio and the next round of drilling through Q3 2024 will test three new areas expected to add multiple follow up locations to our inventory on the success of those drills. Lycos plans to drill and complete 19 gross (18.6 net) multi-laterals in Q2 2024 and Q3 2024 with 3 gross (3 net) wells being drilled in Saskatchewan to take advantage of the new multi-lateral royalty relief program there.