DUGAS & LEBLANC #3
DRILLING UPDATE
Napoleonville-Dugas & Leblanc #3 Well, Assumption Parish, Louisiana, Non Operator 39.5% WI
The Dugas & Leblanc #3 well spudded on 16 April 2011 and reached TVD of 8,000ft (TD 8,920ft) on Saturday, 30 April 2011. The well encountered gas shows through all primary intervals whilst drilling and a further show was identified in a potential new “S” sand structure. Whilst pulling out of the hole to complete electric logs the drill string’s bottom hole assembly (“fish”) became stuck.
The Operator has made progress in removing most of the drill string and washing over the fish. A final effort to remove the fish is being undertaken over the next 8 hours and should these attempts fail the well will be sidetracked so as to penetrate the new “S” sand structure.
The Company’s share of over-runs are presently estimated at $315,000.
The Dugas & Leblanc #3 well is updip of the #2 well and has intercepted the M, N, Stray and O sands. When completed production will start at the lowest hydrocarbon saturated sand and as each zone depletes the zone above will be completed. The expectation is that the D&L #3 well will be a gas well with the D&L #2 well recovering the oil in the “M” Sand. The D&L #2 well is currently producing in the “N” sand. Once this production depletes the 41ft of net pay in the “M” sand will be completed for production.
The potential oil recoverable from the Dugas & Leblanc field is estimated at 7 BCF and 305,000 BBLS and will be recoverable over the intervals contained in a table in the ASX announcement.
In D&L #2 the “N” Sand has proven to exhibit strong water drive. However, the dominant drive mechanism in the remaining sands is an unknown variable.
The high permeability and porosity of the sands indicate potential flow rates of over 4,000 mcfgd in the D&L #3 well resulting in significant cash flow generation.
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