Goodrich announced the results yesterday for the 20-7H-1. Once again, we have a well that encountered issues while drilling out the plugs. Losing a bottom hole assembly is not the norm. The current thinking appears to be that coiled tubing is not the best approach for this process in the TMS.
A detective is required to assess the results from the well being that the initial test is only from a portion of the completed lateral. The quick "back of the envelope" math would say that 527 boepd over 2100' could possibly equate to 1581 boepd for a 6300' lateral or 1555 boepd for the 6200' that was actually stimulated. That's not a stretch, but we don't know for sure.
I believe that the reservoir rock in this location is as good as the Crosby 12H-1. The goal for this well was repeatability. I'm confident that our stellar engineers will solve this problem in the near term. The goal will be to not add additional costs, but increase the probability of completion success.
HOUSTON, Oct. 9, 2013 /PRNewswire/ -- Goodrich Petroleum Corporation (NYSE: GDP) today announced the completion of its CMR-Foster Creek 20-7H-1 (99% WI) well in Wilkinson County, Mississippi. The well was successfully drilled with a 6,200 foot lateral and fracture stimulated with 23 stages but encountered completion issues while drilling out the frac plugs with coiled tubing resulting in the loss of a bottom hole assembly and fishing tools in the well. The Company replaced the coiled tubing unit with a workover rig in an attempt to remove the downhole tools but fishing operations were un-successful. The well was subsequently placed on production from the approximately 2,100 feet of usable and unobstructed lateral.
The well has reached a 24-hour peak production rate of 527 barrels of oil equivalent ("BOE") per day, comprised of 500 barrels of oil and 174 Mcf of gas on a 16/64 inch choke from the 2,100 feet of lateral.
The Company is currently drilling the lateral of the Huff 18-7H-1 (97% WI) well in Amite County, Mississippi, with plans to go to two rigs later this month.
The Company currently has in excess of 300,000 net acres in the Tuscaloosa Marine Shale.
The entire press release: