US: Freedom Oil and Gas Limited has successfully drilled seven wells under the continuous Eagle Ford Shale Development Program in Dimmit County, Texas, and have commenced completion operations on the first three of those wells.
The three Vega wells, which are located on the Wilson pad are expected to be completed and in production by December 2018.
Freedom is currently drilling an eighth well and expects to have approximately 16 wells drilled within the 6-month drilling contract that ends mid-February 2019.
Michael Yeager, Chairman and Chief Executive Officer of Freedom welcomed the news, stating that Freedom is very pleased with the execution of the new continuous development program and the gains in drilling efficiency.
“The average number of days needed to drill each well has declined to about 9.3 days on our most recent three wells drilled on the North Hovencamp pad, down from 11.5 days for the three Vega wells. As a result, drilling costs per well have also declined and we are progressing our program to meet our target of drilling 16 wells by the end of the rig’s initial six-month contract on February 20, 2019. A decision to extend the drilling rig for an optional 6 months will be made in January 2019,” Mr Yeager announced.
The company plans to continue to execute the drilling design program and is successfully drilling the horizontal sections of each well, of which are approximately 7,700 feet in length and will stay closely within the target producing zone of the Lower Eagle Ford Shale.
“We are optimistic that more precise drilling performance will contribute to strong production results once the wells have been hydraulically fractured,” Mr Yeager said.
More information about Freedom Oil and Gas Limited’s Eagle Ford Shale Development Program can be found here.