Wildmere UpdateLycos recently finished drilling three wells west of the Wildmere field and have now started drilling closer to Wildmere. Their top three producing wells in Alberta at the end of June were all in this same area. Two of their top three wells were on the 3-30 pad and half a mile south of that, their second best well was on the 12-19 pad.
The rig is now working at 4-19 which is half a mile due south of the 12-19 pad. They have a licence to drill three more wells on 4-19. Other top producing Lycos' wells in this area can be found a quarter mile north of 3-30 on the 6-30 pad. Lycos is having excellent success in this one area. Eight of their top nine producing wells are all Wildmere wells so it makes sense to keep drilling.
Cenovus is presently drilling one mile south of Lycos 4-19. Surge Energy recently announced that they have acquired 100 drilling locations in the Hope Valley field which is about 12 miles south of the 4-19 location. Surge plans to dedicate a rig to this area for the forseeable future. Why? The latest drilliing techniques makes these wells very profitable with quick payout times. The Wildmere field that was first discovered in 1938 still has lots of oil in place waiting to be extracted. Lycos with their various fishbone drilling designs is leading the way.
Next week Lycos is presenting at EnerCom in Denver and on Thursday they will be releasing their Q2 results. Production during Q2 was up significantly compared to Q1.
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