Bad weather defers rig arrival to Byron’s well

Enterprise Offshore Drilling’s EOD 264 jack-up drilling rig has completed operations for the current operator. However, the rig cannot be safely towed to Byron Energy’s SM71 F platform due to bad weather conditions in the Gulf of Mexico.

SM 71 F platform; Source: Byron

Byron said on Tuesday that the EOD 264 rig completed its prior engagements work on January 15, 2020, but due to weather conditions in the Gulf of Mexico, the rig could not be safely towed from its current location to the SM71 F platform.

The company added that weather forecasts indicate the possibility of moving the rig later this week. It is worth noting that Byron’s drilling contract does not begin until the rig is under tow to SM71.

The SM71 F4 well is designed to test the highly productive D5 Sand outboard of the main D5 field area on SM71 where the F1 and F3 wells have combined to produce 1.83 million barrels of oil and 2.6 billion cubic feet of gas since production began in March of 2018.

If successful, the F4 well would extend and prove up additional reserves in the Upper D5 Sand reservoir.

If the SM71 F4 is not successful, Byron believes that the upper portion of the wellbore could be used for the SM71 F5 or another well, costs of which would be partially recouped from other participating parties in the future well.

Byron, through its wholly-owned subsidiary Byron Energy Inc., is the operator of SM71 and currently has a 50 percent working interest and a 40.625 percent net revenue interest in SM71. Otto Energy holds the remaining interest in SM71.

It is worth reminding that Otto decided not to participate in the SM71 F4 well in early October 2019, giving Byron a 100 percent working interest and an 81.25 percent net revenue interest.


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