Stone Energy hits oil pay at Cardona well (USA)

Stone Energy Corporation has announced success on the development segment of the deep water Cardona well at Mississippi Canyon 29. Stone operates and owns a 65% working interest in the well.

The Cardona well (MC 29 #4 well) encountered 84 feet of net oil pay in the development section of the well. The company is currently running casing to protect this zone while drilling the exploration section of the well. The Cardona success extends the productive zone of the Mississippi Canyon 29 TB-9 well to the adjacent fault block to the north. Plans are to flow the Cardona well to the Stone owned and operated Pompano platform with first production in early 2015. The current well is expected to complete drilling operations in March 2014.

Chairman, President and Chief Executive Officer David H. Welch stated, “The Cardona success is very exciting because it is expected to generate production and cash flow in early 2015, less than a year from drilling the well. The combination of the Cardona success with the recent Amethyst discovery should allow us to leverage our infrastructure position at our Pompano platform by significantly increasing production with minimal increase in cost.”

After drilling the Cardona well, the rig is scheduled to move to the Cardona South prospect (MC 29 #5 well), which currently has surface pipe set at 4,903 feet. The well will test the same development interval in the adjacent fault block to the south of the Mississippi Canyon 29 TB-9 well. Current plans for the Cardona South prospect do not include the drilling of an exploration tail. If successful, the Cardona South prospect would also flow to the Pompano platform. The Cardona South prospect is expected to reach total depth in the second quarter.