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Friday, January 26, 2018

Antero Resources Looking to Complete 20 to 25 Utica Wells This Year

From an Antero Resources press release:
In 2018, Antero plans to operate an average of five drilling rigs and four completion crews in the Marcellus Shaleand expects to complete 120 to 125 wells with an average lateral length of 9,300 feet. The drilling plan in the Marcellus averages nine wells per pad. As average lateral lengths continue to increase, total well costs are expected to decline further in 2018 to $0.80 million per 1,000' of lateral, a 45% decline from 2014 and a 9% reduction from 2017 well costs.

The Company plans to operate one drilling rig and one completion crew in the Ohio Utica Shale in 2018 and expects to complete 20 to 25 wells with an average lateral length of approximately 11,600 feet. Antero is currently drilling and completing its Utica wells at an average budgeted cost of $0.89 million per 1,000' of lateral, a 43% well cost improvement over 2014 and a 9% improvement from 2017 well costs. 
Antero is budgeting to continue to consolidate acreage for development plan purposes in the core of its Marcellus and Ohio Utica leasehold positions in 2018 along with extending leases on acreage that is planned to be developed over the next several years. Antero has budgeted $125 million for discretionary leasehold expenditures and approximately $25 million is budgeted for leasehold maintenance spending required to support the five-year development plan. Consistent with historical practices, the Company does not budget for asset or corporate acquisitions.
Click here to read the whole release.

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