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NEWS BULLETIN

June 26, 2013 --- Vol. 19, No. 43June 2013

More North Slope projects on table

Janet Weiss, president of BP Alaska, told the Resource Development Council today that in addition to the $1 billion Prudhoe Bay investment increase previously announced for BP and its Prudhoe partners over the next five years, and the $3 billion of new western region Prudhoe projects under evaluation, BP and its partners are moving forward on development of the Sag River formation.

There have been field tests on new techniques for Sag River over the past couple of years, Weiss said, and because of the results of those tests and the improved fiscal climate following passage of Senate Bill 21, the companies are moving forward with a 16-well first-phase Sag program, scheduled for 2015 and 2016.

In addition, BP is also reworking the economics of Northwest Schrader at Milne Point, where BP is the 100 percent owner. There are technical hurdles, Weiss said, but if full development of Northwest Schrader goes forward it would be a $1-2 billion investment with two new pads and 70 new wells.

—Kristen Nelson

Cook Inlet Energy spuds Sword No. 1 well

Cook Inlet Energy LLC has started drilling operations on its Sword No. 1 well, located near the company’s West McArthur River oil field.

The well was spudded on June 19, and has been drilled to about 3,000 feet measured depth, the company said in a press release issued today. Drilling crews recently installed the first casing string and are currently cementing it in place.

Sword No. 1 ultimately will go 19,000 feet into an adjacent fault block to the West McArthur River field, the company said.

Cook Inlet Energy said 3-D seismic data suggest an estimated ultimate recovery of 800,000 barrels of oil from the well.

“Management expects to report initial drill results in about two months,” the press release said.

Anchorage-based Cook Inlet Energy is a subsidiary of publicly traded Miller Energy Resources Inc. of Tennessee.

—Wesley Loy

See stories in June 30 issue, available online at 11 a.m. Friday June 28 at www.PetroleumNews.com

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