The Thurman Horn 406H exploratory well is located 5 miles away from the established Hogshooter production where three wells were already dugged to other formations.
Chesapeake chief executive officer Aubrey K McClendon said the company expects this new Hogshooter discovery to provide a significant boost to Chesapeake’s focus on harvesting its existing assets for growth and value creation rather than on pursuing new leasehold.
"In addition, this new Hogshooter development area should further enhance our growing liquids production, which we expect will have transformational effects on our company’s operational and financial performance in the years ahead," McClendon added.
"Further, based on production results to date and our research of industry production records, we believe the Thurman Horn 406H well is one of the best oil wells drilled onshore in the Lower 48 in the past several decades."
The new exploratory well was drilled to a vertical depth of about 10,000ft with a lateral section of almost 4,900ft to produce on an average 5,400bbls of oil in the first eight days.
The well also produced 1,200bbls of natural gas liquids and 4.6mmcf, or around 7,350boe per day taking the cumulative production including five days of flowback testing to 68,400boe and the current daily production to about 7,000boe.
Chesapeake also has two Hogshooter wells Zybach 6010H and the Hamilton 39 10H drilled and waiting to be completed.
The company owns approximately 30,000 net acres in the play which are more than 90% held by production (HBP) from its legacy deeper Granite Wash production.
