XCD Energy has announced that Conoco Phillips has confirmed, during its First Quarter Earnings Conference Call, that it encountered hydrocarbons from the one well it has drilled on its Harpoon exploration prospect, which is interpreted to be directly on trend and analogous to XCD Energyâs Harrier Prospect. The Harpoon Prospect is located some 15km north west of XCD Energyâs Project Peregrine lease position which covers an area of 195,373 acres within the National Petroleum Reserve â Alaska (NPR-A) on Alaskaâs prolific North Slope. This latest success follows up the recent two well successful drilling campaign in the Nanushuk sequence by Oil Search (Mitquq-ST1 and Stirrup-1, which tested 1730 and 3520 bopd respectively) and further validates the play that XCD Energy is pursuing in this area. The Harpoon Prospect is interpreted by the Company to be on the same sequence boundary as XCD Energyâs Harrier Prospect and confirmation of this latest encounter of hydrocarbons in the same play further improves the prospectivity of XCD Energyâs leases and, in particular the Harrier Prospect (see map below). Conoco Phillips also announced it had completed two additional wells from a planned four within the greater Willow area with results as expected. Willow is interpreted to be on the same sequence boundary as XCD Energyâs Merlin Prospect. The greater Willow area is 100% owned and operated by Conoco Phillips and has a reported resource of between 450-800 MMBOE and its development is subject to a final investment decision which Conoco Phillips confirmed on todays call is still on track for later this year. XCDâs Managing Director, Mr. Dougal Ferguson commented: 'This is yet another excellent exploration result from this seasonâs drilling campaign that validates our strategy of pursuing the Nanushuk play in the NPR-A. The unfortunate onset of the COVID-19 pandemic led to Conoco Phillips cutting short its North Slope exploration and development drilling program including on the Harpoon Prospect, but encountering hydrocarbons in the topsets at Harpoon-2 (only well of three planned to be drilled on the Harpoon Prospect this season) clearly provides us with necessary encouragement to reinitiate our farmout campaign.' Note: Last week 88 Energy announced its intention to make an off-market takeover offer to acquire all of the fully paid ordinary shares and listed options on issue in XCDÂ Energy, See:Â 88 Energy announces update on off-market takeover offer for XCD Energy  Original article link Source: XCD Energy / energy-pedia
XCD Energy has announced that Conoco Phillips has confirmed, during its First Quarter Earnings Conference Call, that it encountered hydrocarbons from the one well it has drilled on its Harpoon exploration prospect, which is interpreted to be directly on trend and analogous to XCD Energyâs Harrier Prospect