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Oil & Gas - Gulf Coast, Texas US Production Strike completed a record production year to 30 June 2009, with its share of gas production from the Rayburn and Mesquite Projects up 185% to 3,335 MMcf and oil-condensate production up 222% to just under 82,000 barrels.
At the Mesquite Project, all four Wilcox production wells continued to operate continuously during the year although production rates decreased due to natural decline. A workover performed on the Webernick 2 well in May 2009 resulted in a substantial increase in production. The Webernick 5 well which produces at low rates from a shallow reservoir was shut-in in July 2009. Total revenue from gas and oil-condensate sales for the year was $36.4 million, up from $16 million in the previous year and representing a 128% increase.
Reserve assessments, as at 31 December 2008 and 31 July 2009, were conducted for both fields. Overall, a 17% increase in Estimated Ultimate Recovery (“EUR”) was calculated which more than replaced production for the six months to 30 June 2009. The company’s reserves at 30 June 2009 were 7.47 Bcf of gas and 170,000 barrels of oil-condensate.
(i) Barrels oil equivalent (boe) is based upon 10:1 value ratio A total of five wells, comprising four appraisal/development wells and one exploration well, were drilled during the year. None of the wells were completed for production.
Consideration will be given to testing the suspended wells dependent on future gas and oil-condensate pricing.
![]() Duncan 1 - Production Facility |
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