FAR said field analogues suggest this interval will be capable of producing between 3-5 million cubic feet of gas per day with associated condensate in the range of 100-175 barrels per day.
FAR said the operator estimated the well could be on production in approximately 4 weeks, enabling the partners to take advantage of strong prevailing energy prices.
A company statement said the SL 328 #1 represents the fifth well in the Lake Long Field in which FAR has participated, all of which have resulted in commercial production. Existing facilities within Lake Long will enable early sales into the central production system with Columbia gas and Amoco being the ultimate product purchasers.
FAR chairman Michael Evans said “Whilst we were not successful in the deeper Cib Op section we regard the well as a success. FAR was able to take a shot at some big potential pay and still walk away with a discovery in the Middle Hollywood interval that can be turned to production in a very short time frame. We are running at a 100 percent success rate within the field. We plan to add to our US production and look forward to the imminent drilling of Bay Courant, where a barge rig is scheduled on location in 26 days.”