The well, drilled to a vertical depth of 1,569 m below the seabed by the West Hercules semisubmersible rig, encountered a 15-m oil column in a Triassic sandstone reservoir, Equinor said in a news release.
A key factor in the economic development of unconventional resources is determining optimal well spacing. As development of unconventional play progresses, wells naturally become spaced closer together.
Earthstone Energy CEO Frank Lodzinski urged attendees of a recent industry luncheon in downtown Houston to “bring us deals” as the company looks to continue its growth story.
Power was restored the same day, but production has not yet resumed, the company said in a statement.
Together, the Appalachia and Permian basins are expected to supply about 53% of the North American gas market by 2030, according to McKinsey and Co.
Hart Energy's exclusive rig counts measure drilling intensity. They exclude units classified as rigging up or rigging down, and also exclude rigs drilling injection wells, disposal wells or geothermal wells. They are designed to offer the most accurate picture of what is actually occurring in the field.