ConocoPhillips Looks To Sell LA AC Assets
ConocoPhillips looks to sell Austin Chalk assets - report
ConocoPhillips (NYSE:COP) has placed on the market its entire 234K-acre holding in Louisiana's Austin Chalk play, only a year and a half after first unveiling its stake, Upstream reports.
COP COO Matt Fox discussed the disappointing results in July, pointing to oil rates of just 100 bbl/day. "It's just unlikely to be enough to justify a development in that part of the play."
Three out of COP's four test wells so far in Louisiana have produced more than 90% water and not enough oil to justify big investments, Fox said.
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Replies to This Discussion
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Permalink Reply by Lisa Melder-Johnson on -
Skip, where is their play acres located? Hopefully not Rapides Parish area. Is it not mostly Marathon/Southwind in Rapides which is generally the same as the new 3D CGG Survey.
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Permalink Reply by Skip Peel - Mineral Consultant on
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Lisa, I do not have an acreage map handy. I suggest that you first go to the company's website and look through the presentations for the appropriate time frame. There is likely one on here but that might take longer looking through multiple discussion threads. Here is a link to get you started. If you find it, please post a direct link for others.
http://www.conocophillips.com/investor-relations/investor-presentat...
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Permalink Reply by Lisa Melder-Johnson on
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This is the only one that I found which came from Amelia's website.
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Permalink Reply by John Matherne on
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Austin Chalk 3.0 refund applied for.
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Permalink Reply by Skip Peel - Mineral Consultant on
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Compliments of jay. You are in the clear Lisa.
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