Record IP In The Utica; EQT's First Well In The Utica; Staggering -- And New Yorkers Are Watching From Over The Fence -- July 24, 2015

Updates

Later, 12:15 p.m. Central time: Don did the math --

@ $ 2.85per mcft that is  $ 207,765 .00 per day..

Let's round that to $200,000/day -- once the well is paid for -- in about 20 days -- sometime next month -- LOL -- that well is going to make a lot of money for someone.

Does anybody remember the NY Times telling us the US natural gas story was a scam?

Original Post

 

I will follow-up on this later, when I get time, but a reader writes:

EQT announced yesterday a new record IP from the Utica formation, flowing 72.9 MMcf. Expressed in boe, that is over 12,000 boe.

The lateral was 3,221' long.

The Utica not only extends well into New York state (much more so than the shallower Marcellus), it is now believed that the thickest payzones are to be found in NYS.

That's an incredibly short lateral considering the record IP.

Apparently it's even a bigger story than I first realized. This was EQT's first well in the Utica.

We have plenty of EQT news today, but none of it is (for us) as big as this: EQT finished fracking their very first Utica Shale well in Greene County, PA last week, a well that they call “the most technically challenging well” they’ve ever drilled. But man oh man was it worth it! The EQT Utica well is gargantuan. It is the new reigning #1 champ for any on-shore shale well anywhere in the world that we’re aware of when it comes to production.

The EQT Utica well produced a truly astonishing initial production (IP) of 72.9 million cubic feet of natural gas per day (MMcf/d).

The previous record-holder was a Range Resources Utica well in Washington County, PA at 59 MMcf/d.

We’re not quite sure how to convey just how big this news is!

EQT flowed their new Utica production right into a pipeline for sale – the well has not been shut in. Once the initial gush settled down, the well is now producing 22 MMcf/d. Stupendous output. EQT is planning to drill their second Utica well in Wetzel County, WV later this year…