Company accelerating to drill 500 wells/yr by 2016 with potentials of 1 MMBoe EUR from 9000 foot extended reach laterals in NE Colorado
On May 22nd at the UBS Global Oil and Gas Conference Noble Energy presented the results and future plans of their Niobrara drilling program. The company now plans to commit 45% of their capital program or $1.7 billion dollars to exploration and development in the Niobrara play. Noble estimates it will be drilling up to 500 wells a year by 2016 on its properties as they expand into Northern Colorado.
Their drilling results from their East Pony field located in Northern Colorado are yielding 80% oil and 5% NGL The companies efforts with extended reach laterals has payed off with an estimated potential yield 1 MMBOE EUR coming from their 9000 ft laterals.
Noble now considers the entire Niobrara (A, B, C bench and Smoky Hill) and the Codell to be productive, allowing for a minimum of 16 wells (40 acre) per section. The company is currently testing additional high density patterns that will allow up to 32 wells per section. Oil in place is now estimated at 74 MMBoe per section.