Stone Energy makes deepwater oil discovery at Mt. Providence

Stone Energy Corp. has reported drilling success at the deepwater Mt. Providence development well in Mississippi Canyon block 28 in the Gulf of Mexico.

Offshore staff

LAFAYETTE, LouisianaStone Energy Corp. has reported drilling success at the deepwater Mt. Providence development well in Mississippi Canyon block 28 in the Gulf of Mexico. 

Stone generated the prospect and owns a 100% working interest in the well.

The Mt. Providence well (the MC 28 #4 well) encountered about 153 net ft (47 m) of high quality, primarily oil pay in one Miocene interval with no visible water level, which exceeded pre-drill expectations.

Completion operations on the well will begin in 2Q 2018 with first production expected in early 3Q 2018. The well is expected to have an initial production rate of 3,000 to 5,000 boe/d and will be tied back to the 100% Stone-ownedPompano platform through existing subsea infrastructure.

Interim CEO and President James M. Trimble said: “…This successful well will quickly generate additional production and cash flow with minimal incremental operating cost since we can capitalize on existing subsea infrastructure and available capacity at our Pompano platform.”

Separately, the Derbio well (the MC 72 #3 well) is now expected to spud in later this month. Derbio is a Stone-generated prospect and follows the Rampart Deep success announced in September 2017. If successful, the Rampart Deep/Derbio project could be a multi-well tieback to the Pompano platform, with first production expected by late 2019.

Working interest partners in the Derbio prospect are Stone with 40%, Deep Gulf Energy III, LLC with 30% (operator) and entities managed by Ridgewood Energy Corp. (including Riverstone Holdings, LLC and its portfolio company ILX Holdings III, LLC) with 30%.

01/10/2018

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