At the Cardona field in Mississippi Canyon block 29, the Cardona #6 well has been tied into the existing Cardona subsea infrastructure which flows into the company’s Pompano platform. Gross production from the Cardona field is about 15,000 boe/d.
Drilling of the Cardona well #7 with the ENSCO 8503 is expected to begin once completion of the Amethyst prospect is finished. Drilling is expected to take about two months. The Cardona #7 well is an offset well to the existing TB-9 well in and the fourth well to be drilled in the Cardona development program. Production is expected to start in 2Q 2016. Stone holds a 65% working interest in the project and is the operator.
In Mississippi Canyon block 35, the Vernaccia exploration well, which targets the Miocene interval, was spudded in late September and is operated by Eni. After a sell down of a portion of its position, Stone now has approximately 4% working interest in the drilling cost of the well and will have an approximate 22% working interest ownership thereafter. Drilling is estimated to take three months.
In Mississippi Canyon block 26, the ENSCO 8503 is performing completion operations at the Amethyst discovery. The company has 100% working interest. The well will be prepared for an initial production test prior to final flowline and umbilical hook up. First production is expected by 1Q 2016 to the Pompano platform, located less than 5 mi (8 km) from the discovery.
In Viosca Knoll block 959, the Crown & Anchor (Drago) exploration well encountered commercial hydrocarbons in June 2015. The company held a non-operated 10% working interest in the prospect. In September, Stone negotiated the sale of the working interest to an undisclosed third party and formally closed the transaction in October.
In Alaminos Canyon block 943, the Lamprey exploration well is projected to spud in 2Q 2016. Stone currently controls 100% working interest in the prospect and is the operator. Drilling is expected to take two to three months. If the initial exploration well is successful, Stone plans to immediately drill an appraisal well.
In Viosca Knoll block 989, the company has secured and is mobilizing a platform rig for its Pompano platform drilling program, which is expected to start in 4Q 2015. The program is expected to consist of three to four development wells. Stone says the rig may also be used for workovers or to drill other potential prospects located near the facility.
Chairman, President and CEO David Welch said: “Our Gulf of Mexico development projects are expected to give us year-over-year production growth as we continue navigating through this difficult pricing environment.
“We have taken steps to reduce our overhead and operating costs, and expect to curtail capital spending in 2016 to more closely align with our cash flow projection.”
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