LAFAYETTE, Louisiana – Stone Energy Corp. (NYSE: SGY) has reported success on the deepwater Cardona South well at Mississippi Canyon 29 in the Gulf of Mexico. Stone operates and owns a 65% working interest in the well.
The Cardona South well (MC 29 #5 well) encountered more than 275 ft (84 m) of net oil pay in three separate sections of the well. The Cardona South success extends the productive zone of the Mississippi Canyon 29 TB-9 well to the adjacent fault block to the south and sets up a potential second and third well in the fault block. Plans are to flow the Cardona South well (and the previously announced Cardona discovery) to the Stone owned and operated Pompano platform, with first production expected in early 2015.
Production casing has been set and cemented in the Cardona South well and the subsea tree equipment will be put in place. The rig will then move back to the original Cardona well (MC 29 #4 well) to begin completion operations before returning to complete the Cardona South well. Separately, the original Cardona well was previously estimated to have approximately 84 ft (26 m) of net oil pay. After further evaluation, the estimated net oil pay for this well is now approximately 96 ft (29 m).