Continental Resources has completed four new Springer oil wells in the South Central Oklahoma Oil Province (SCOOP).
The average horizontal lateral length of the four new wells is about 47ft. The vertical depth is around 12,625ft, while the average total measured depth is about 17,650ft.
Continental Resources expects estimated ultimate recovery (EUR) of 940,000 gross Boe per well in the oil fairway of the play for a well with a 4,500ft lateral section.
Continental Resources intends to start drilling its first extended lateral well to a planned lateral length of 7,500ft in the Springer play, in November 2014.
The average EUR of approximately 1.6 million gross Boe is expected to be produced for extended lateral wells of this length, reflecting the 67% longer lateral.
Continental Resources chairman and CEO Harold G. Hamm said: “Four new wells further confirm the repeatability and growth potential of Continental’s new discovery, the Springer play in SCOOP.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“These individual delineation wells in the play are generating excellent returns, with shallow decline rates compared to other unconventional resource plays. We expect to realise even stronger well economics as development drilling gets under way utilising extended laterals, pad drilling, and other drilling and completion efficiencies.
“The Springer adds another significant oil resource driver to Continental’s strategic growth outlook.”
According to Continental Resources, the average cost of the completed well in 2014 has been in line with earlier projected cost of $9.7m per well.
