Anything new happening at the Marchand pad? Is the rig still operating?
The rig was still there this afternoon with around a half dozen Red trucks (cement?) to the side of it.
Looks like the rig has moved on...any word when the fracking will take place?
The fracking rig left the Marchand site earlier this week. Production and payout to follow - approx 6 months to mailbox $$
What`s happening with this well now? Has it been fracked? Any signs of production potential yet?
I think stating that CNX has gotten rather good at the Utica is a bit of an overstatement at this point, especially in Central PA. Companies are doing 1-2 standalone wells and getting our attention with these huge production volumes and type curves. Once a company comes in tries full field development of the Utica in PA, then we will begin to understand how it really performs.
Also, 600 days of flat time equates to ~12 psi/day of drawdown during flat time. If CNX can pull it off in PA Utica, it will be huge for the industry but I'm still skeptical after 50 days of production.
Blueflame...It appears CNX has a lot of interest in Central PA for Utica as well as Marcellus gas. Takeaway capacity still seems to be an issue for them. XTO also seems to have similar interest in the area too with the same issue. I don`t think too many Utica wells will be drilled until more pipelines are built in Central PA. Would you agree? Successful drilling for Utica in CPA allows for the multi-pay strategy that these gas companies are seeking. So I`m not certain what you are skeptical about. So far, each Utica well drilled by CNX in CPA has been a whopper of a well! Stay tuned for the drilling of 4 more Utica wells this year in the Beaver Run Reservoir area in Westmoreland County. Will that field development convince you?
Agreed. Take away capacity is an issue across the basin right now. In my opinion, CNX hasn't figured out the Utica. My skepticism is that none of these companies are drilling laterals that offset eachother by 1000-1500 ft. Sure, CNX can drill standalone wells and get 3.5 Bcf/1000 or even better which makes the $15 million well cost look great. When they start "field development", or 6-10 wells per pad, we are going to see those volumes drop, pressures deplete much quicker, and rate of return drop like a rock (unless well costs are driven down drastically). I think the Utica in CPA has it's place and is great for the basin, but drilling the deeper Utica in PA is much more complicated than Ohio or even up in Tioga/Lycoming.
Blueflame...what do you mean by CNX not figuring out the Utica in CPA, or do you mean in general anywhere they drill for Utica? What makes it more complicated then drilling for Marcellus gas other then well depth? Have you seen the "Well Records" by CNX for the Aiken & Marchand wells? They are available at the PA DEP OIL & Gas website under e-submissions. The results look good to me. Why do you say drilling for the Utica is more complicated then in other areas? Why would the Tioga or Lycoming area be more favorable? Seneca Resources seems to be excited to drill for Utica in Central PA starting in September 2018.