The bad news.
One of BPX's new wells in 26 16N 11W -- P&A-ed.
It was the HA RA SU54;TAYLOR 26-23 HC 001-ALT
Yeah, it looks like they had a frac/wire problem that couldn't be corrected. But I'm unsure as to what exactly screwed up.
The good news.
BPX's sister well, the HA RA SU54;TAYLOR 26-23 HC 002-ALT -- completed.
|04/29/2022||10||18935||11469||COMPLETED 4/9/22; GAS; 28304 MCFD; 31/64 CHIOKE; 6252# FP; 6512# CP; PERFS 12044-18802'|
Yeah, man. That's a barnburner, if you ask me. But I guess it's IP is so high because of the 31 choke. And I'm also speculating that the high choke is to compensate for the P&A of its sister well.
Needless to say, the family is anticipating a big bump up in royalty income. The division orders should be coming soon in the mail.
Plus, we're hoping BPX will smell the profits and proceed with more wells in these two sections. Looks to me as though at least another three wells could easily be put in by simply finding a new pad to go horizontal from.
Yep, hope springs eternal as long as NG prices stay as high as they've been on the future's market, although there's been some speculative selling these last few days.
Completing an economic Haynesville horizontal well is a challenge, with risks. They don't all work out. There goes ~$10M down the drain.
I guess it's just the cost of doing business. Never easy, but kinda rare in the Elm Grove Field. Yet they're big boys. They can suck it up and try again, having learned from their lesson on the P&A.
Maybe Rock Man or another expert will chime in and explain what happened on the 001-Alt well. Could've been a mechanical screw up or an equipment failure.
Or maybe operator failure, as in an employee pushing the wrong button at the wrong time, maybe.
In other words, I'm hoping BPX doesn't give up on our location. We very much want to have a couple of more wells drilled within the next year, while NG prices are elevated.
Also, since BPX is so heavily connected to the geopolitical state of affairs in the UK and Europe, I'd assume that they have a special incentive to produce as much NG as possible and send it across the pond via LNG.