Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $25 million to $30 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. This most recent award represents the sixth contract awarded to one of our high-quality stacked floaters since mid-2021, and speaks volumes about our demonstrated track record of project execution when reactivating rigs.”ĭibowitz added, “Following the reactivation of VALARIS DS-17 and DS-8, we will have ten floaters working across the golden triangle, including four drillships in Brazil, a market where we expect to see continued growth over the next several years.”Īs a result of the contract awarded to VALARIS DS-8, which will require the rig to be reactivated from preservation stack, we are updating our first quarter 2023 and full-year 2023 guidance provided on our fourth quarter 2022 conference call on February 21, 2023.Ĭontract drilling expense is expected to increase by approximately $5 million to $385 million to $395 million.Īdjusted EBITDA is expected to decrease by approximately $5 million to negative $5 million to breakeven. President and Chief Executive Officer Anton Dibowitz said, “We are particularly pleased to have secured the award for preservation stacked drillship VALARIS DS-8, for a contract that is expected to generate a meaningful return over the firm contract term, and we remain focused on exercising our operational leverage in a disciplined manner. The total contract value is approximately $26 million. The contract is expected to commence in third quarter 2023. The contract is expected to commence in second quarter 2023.ħ0-day contract with Beach Energy offshore New Zealand for heavy duty modern jackup VALARIS 107. The total contract value is approximately $500 million, including a $30 million mobilization fee.ġ00-day contract with a TotalEnergies affiliate for drillship VALARIS DS-12. The rig will be reactivated for this contract. Three-year contract with Petrobras for drillship VALARIS DS-8. Valaris Limited announced new contracts awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2023. Join the largest oil and gas community on iOS and Android! Turkey procures its third drillship for $37.5ml.Shell Plans Major Drilling in Mexico, But Oil May Take a Decade.Dolphin Drilling lands work with Wellesley Petroleum.The company said extrapolated to a 10,000ft lateral, the well would be stronger than most Cotton Valley gas wells, and approaching several Haynesville gas wells. Gas rates reached more than 2Mmcfd, with a stabilised rate of 1.2 Mmcfd, from a small 1,000ft frac interval. The initial horizontal Founders A25 #1H well drilled into this zone encountered very high gas rates with almost zero liquid hydrocarbons. We look forward to releasing the results of our additional testing in the very near future.†By doing so, we expect the rates of both oil and gas to increase on this well. McCabe said: “We are in the process of changing our production design to greatly reduce the hydrostatic pressure by reducing fluid level to as close to 90Ëš true vertical depth (TVD) as possible. Torchlight Energy chairman Greg McCabe said that with the existing production system, the company cannot significantly reduce the fluid level without causing mechanical issues to the pump design. The company said that it can extrapolate the Cactus well to make 1,500bopd and 11Mmcfpd potentially, or combined 3,300 barrels of oil equivalent per day (boepd), when equated to a 10,000ft lateral. Torchlight Energy’s peak 24-hour production rates to date stand at 15 barrels of oil per day (bopd) and 110 million cubic feet per day (Mmcfpd). The geological properties are similar to the Wolfbone and Wolfberry plays in the Permian Basin. Torchlight Energy said it expects the new Upper Pennsylvanian Silt (WolfPenn) field to be an oil-rich reservoir also with significant volumes of gas. The company has measured the substantial initial potential oil and gas hydrocarbon recoveries from the recently drilled and completed Cactus A35 #1H well. Oil and gas exploration and production company Torchlight Energy Resources has struck oil and gas at one of its development wells in the Orogrande Basin in West Texas, US.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |