CALGARY, Dec. 11, 2017 /CNW/ – Tourmaline Oil Corp. (TSX:TOU) (“Tourmaline” or the “Company”) is pleased to provide an update on 2017 exit production and EP results.
- Tourmaline achieved its 2017 exit production target of 270,000 boepd on December 1. Current production is 277,000 boepd; further EP activities in December are expected to grow production to levels in excess of 280,000 boepd by the end of the month.
- The Company continues to forecast 2018 full-year average production of 270,000 boepd despite the stronger than anticipated exit volumes.
- Total liquids production has now reached 47,000 bpd (oil, condensate, NGLs). Tourmaline has grown total liquids production by approximately 68% over Q4 2016 (a net 19,000 bpd increase during the year).
- Tourmaline has approximately 42,500 boepd of behind-pipe volumes awaiting facility access and an additional 41 DUC wells to be completed in 1H 2018.
Tourmaline has delivered a series of industry-leading well results across all three operated complexes.
- In the Peace River High Complex, the Company has drilled and/or completed eleven follow-up horizontal wells to the Progress 1-4 Lower Montney discovery which was brought on-production in Q1 2017. The initial well on the first four well pad is currently flowing 905 bbls/day of oil and 5.9 mmcfpd of gas (1,888 boepd) at a flowing tubing pressure of 1,173 psi after 26 days of production (cumulative 22,450 bbls of oil). The second well on the pad is flowing 532 bbls/day of oil and 5.1 mmcfpd of gas (1,382 boepd) at a flowing tubing pressure of 1,450 psi after seven days of production. The balance of the eleven wells will be brought on-production over the next two months. Average drill and complete costs of Tourmaline’s Peace River High Lower Montney horizontal oil wells are $3.1–$3.2 million.
- The Q4 2017 step-out to the Anderson 16-25-50-23W5M Deep Basin Cardium gas condensate discovery in Q1 2017 is flowing at 20.6 mmcfpd of gas and 606 bbls/day of condensate at a tubing pressure of 10.8 MPa after six days on-production. The 1-30-50-22W5M well is approximately 1.5 miles from the 16-25 discovery, and proves up multiple follow-up locations. The original 16-25 well has produced 3.4 bcf of gas and 102 mstb of condensate in 315 days of production, and has an estimated EUR of 10.0-10.5 bcf and 280,000-300,000 bbls of condensate (Company estimate).
- The most recent liquids-rich Falher D three well pad in the Deep Basin is flowing at 35.7 mmcfpd of gas and 807 bbls/day of free wellhead condensate after 21 days of production. Total liquids production from the pad including deep cut recoveries is approximately 2,600 bbls/day.
- Tourmaline’s NEBC Montney gas/condensate Complex continues to yield very strong results. The Doe A13-6 Turbidite horizontal, brought on-production in the fourth quarter, has an IP 30 of 4.6 mmcfpd of natural gas and 642 bbls/day of condensate and liquids (140 bbls/mmcfpd). At Gundy, the C-c21-I well averaged 10.5 mmcfpd and 421 bbls/day of condensate at an average tubing pressure of 500 psi on a nine-day test. The well was only flowing up tubing and was restricted on a 48/64 inch choke.