CLR's FIUs -- August 22, 2021

See this post for background.

August 22, 2021: it appears Continental Resources has "FI" units in all their plays. My hunch becomes more likely simply: "fill-in units." See this very, very good article from 2017. 

From the linked article:

Continental Resources recently announced a record-setting density project in the SCOOP Woodford Condensate fairway.  The Sympson 10-well project reportedly had a combined 24-hour peak of 47,701 BOE, an Oklahoma density unit record according to Continental.  Although this project garnered the most attention, it was Continental's third 10-well density project in the SCOOP Woodford thus signaling the Company’s sustained confidence in the opportunity it sees in its assets there.

It’s been said that opportunities don’t happen, one creates them.  The recent CLR announcement got me to thinking about Opportunity, in general, and specifically, the potential of Woodford Condensate development and production. When I think about Opportunity, it has elements of the right timing, location, vision, and risk, as well as patience.   Throughout my research on this area, I see the opportunity Continental is creating with its Woodford acreage and thought it might be interesting to analyze the Sympson Unit announcement through the elemental lens of “Opportunity.”

Let’s begin with Location.  Obviously, without the optimal location, the Sympson wells wouldn’t have made the Oklahoma record books.  Back in mid-2011 Continental embarked on a covert leasing operation focusing on the thick oil and condensate-rich areas of the Cana-Woodford in Carter, Stephens, Garvin, and Grady counties – historically some of Oklahoma’s top oil-producing areas.  The map [at the linked article] is based on the cumulative production of wells that were active and producing during January-May 2017.

And here's the "fill in":

The Sympson is a dual zone, a 2-mile long unit containing 14 wells creating a 10-well pattern. Two one-mile parent wells and 12 children wells of various lengths were required to fill in the 10-well 1,280-acre unit pattern. The result the equivalent of 5 wells in the Upper Woodford and five wells in the Lower Woodford. The 12 new wells produced at an average 24-hour peak production rate of 3,145 Boe per day (11% oil), and on average the wells are performing in line with the 2.3 MMBoe type curve.