Craig Adams, president and CEO of Newark E&P Operating LLC, said the company will pick its best economic locations and drill 30 or 40 wells this year in the tight-oil siltstone Marble Falls play. Multiple fractures in the very brittle rock can be connected to create "a very commercial-sized reservoir." The company is drilling vertically, and plans to keep drilling costs between $750 million and $800 million.
Recommended Reading
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
ShearFRAC, Drill2Frac, Corva Collaborating on Fracs
2024-03-05 - Collaboration aims to standardize decision-making for frac operations.
Trillion Energy Begins SASB Revitalization Project
2024-04-15 - Trillion Energy reported 49 m of new gas pay will be perforated in four wells.
E&P Highlights: April 22, 2024
2024-04-22 - Here’s a roundup of the latest E&P headlines, including a standardization MoU and new contract awards.
Tech Trends: SLB's Autonomous Tech Used for Drilling Operations
2024-02-06 - SLB says autonomous drilling operations increased ROP at a deepwater field offshore Brazil by 60% over the course of a five-well program.