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Stone Energy Corp. Message Board

  • oilgasand oilgasand Apr 8, 2013 11:27 AM Flag

    Dry hole and more..SHORT IT!!

    Drilling operations at the deep water Malachite prospect located on Mississippi Canyon 258 are complete. The well has been logged and marginal hydrocarbons were found in several sands. The partners have decided not to proceed with the project and the well is currently being plugged and abandoned. Stone holds a 40% non-operated working interest in the prospect and the net well cost is estimated at approximately $22 million.

    In Appalachia, production has been impacted by three third party pipeline failures since late December 2012 and an unscheduled gas processing plant outage. During the first quarter of 2013, net volumes were impacted by approximately 20 MMcfe per day. The most recent pipeline failure occurred in late March 2013 on a 24-inch Williams pipeline in Marshall County West Virginia and continues to curtail production in the Mary field. The two previous pipeline interruptions on the Williams 12-inch line have been repaired. Stone is currently producing approximately 45 MMcfe per day (net) from Appalachia. Stone estimates approximately 20 MMcfe per day (net) will remain curtailed until the 24-inch line is repaired.

    Sentiment: Strong Sell

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