The drilling company is seeking one or more working interest participants or investors to fund the drilling of a Proved Undeveloped (PUD) location in St. Martin Parish, Louisiana, the USA. This location is based upon a combination of subsurface and a Seitel 3D seismic survey (a set of numerous closely-spaced seismic lines that provide a high spatially sampled measure of subsurface reflectivity. Typical receiver line spacing can range from 300 m to over 600 m, and typical distances between shotpoints and receiver groups is 25 m (offshore and internationally) and 110 ft or 220 ft (onshore USA, using values that are even factors of the 5280 feet in a mile). Detailed evaluation of the reprocessed 80 square mile 3D seismic survey supports the opportunity to get up dip from prior production in three field pay sands. Total proved undeveloped reserves are estimated at 760 MBO. Land costs are more that $0.25 million, dry hole costs are estimated more that $1.3 million, and completion & facilities cost more that $0.8 million for total estimated cost of more that $2.5 million. The well site is a dry land location on an existing drill pad and a VUA has been determined. The well will be deviated to a bottom hole location 900 feet southwest from the surface location.
A total of 100 acres of leasehold have been assembled on the project.
Anticipated economic returns are excellent. Payout is projected in 16 months. Projected return to the investor from production of 760 MBO is more that $15 million. This represents a return-on-investment of 7.4 to 1.0. NPV-10 value is more that $5 million, a DROI of 3.2 to 1.0. IRR is 51.0%.
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