Noble Energy (NBL) disclosed details on the 4 horizontal wells that the company has drilled to date in the Niobrara Shale. The wells cost an average of $3.5 million, and had an average initial production rate of 585 barrels oil equivalent (BOE) per day. The gross estimated ultimate recovery (EUR) of the wells are 290,000 BOE, and the after tax rate of return is 64%.
The 4 horizontal wells drilled to date to the Niobrara Shale are Thunderhead, Wells Ranch, Gemini and 70 Ranch. All 4 wells are located in the Wattenberg Field in Weld County, Colorado.
The Gemini well was Noble Energy’s best well to date in the Niobrara Shale. The well was completed with a 4,000-foot lateral and a 16 stage hydraulic fracturing operation.
The Gemini well was spud on January 7, 2010, and averaged production of 500 barrels oil equivalent per (BOE) day during the first 60 days of production. The 4 wells produced an average of 290 BOE during the first 60 days of production.