Are we finally seeing the Austin Chalk activity we have been waiting for?
Hydrocarbonite one of the things I noticed in the rapid recent development of the Permian was the activity in old oil fields. The saying was the best play to find unconventional oil is where conventional oil was discovered in the old days.
If you see a couple of companies bring in big wells you we start to see drilling from companies you have never heard of drilling on anything they can lease. The next big faze of developing a play is holding leases by production. They will drill it even if it is not profitable. That is why big land owners need to make sure they have continuous drilling clauses in their leases.
Our area is flanked by 2 large wilcox fields, the one in ville platte due east and one to the west in pine prairie. we have been leased several times in past and even drilled in 1950 as a wilcox play, plugged and abandoned. After 2D seismic testing in past we have always been told resources too deep in our area. Maybe that is the AC/TMS . Hopefully an improved 3D shoot may reveal something worth exploring.
Almost everything they are pulling out of the ground here was considered unrecoverable at $90 just 5 years ago now $40 is the benchmark.
The field operator in VP did tell me the cost of deep drilling at 17k-20k feet has come down considerably and can be done is much shorter time. he feels thats the reason for all the rumors they are hearing about petroquest and the depth at which they are planning to explore the AC..