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Lycos Energy Inc. Announces Operations Update Highlighted by Wine Rack Drilling Outperformance and Updated 2024 Guidance
Calgary, Alberta--(Newsfile Corp. - April 3, 2024) - Lycos Energy Inc. (TSXV: LCX) (" Lycos " or ...
About this update from Lycos Energy Inc
[{"type":"text","content":"Lycos Energy Inc. Announces Operations Update Highlighted by Wine Rack Drilling Outperformance and Updated 2024 GuidanceCalgary, Alberta--(Newsfile Corp. - April 3, 2024) - Lycos Energy Inc. (TSXV: LCX) (\"Lycos\" or the \"Company\") is pleased to provide an operations update, preliminary first quarter production results and an increase to guidance.Q1 2024 production is expected to average in excess of 3,800 boe/d (99% crude oil) with forecasted Q2 2024 average production expected to exceed 4,500 boe/d (99% crude oil).  Drilling operations will continue through break up with 7 to 9 wells expected to be drilled in Q2 2024.Operations UpdateLycos executed on multiple acquisitions last year as part of a multi-year strategy to increase drillable inventory of multi-lateral/fishbone drilling locations. Currently, Lycos has more than 200 drillable multi lateral/fishbone locations representing more than seven years of drilling inventory.In Q1 2024, Lycos drilled 6 gross (6 net) crude oil multi-lateral/fishbone, Mannville heavy oil wells on lands accumulated in 2023. Currently, 4 (4 net) have been placed on production, two of these wells have been on production for less than 30 days and both are showing excellent results with average current rates above type curve. The remaining two wells had excellent geological indications and will be placed on production imminently. Wine Rack Drilling ResultsThe Company's wine rack design uses multi-lateral drilling to develop two zones at once (Sparky and General Petroleum zones). To date, Lycos has drilled 5 (5 net) wine rack design multi-laterals. The first three wine rack wells came on in Q3 and Q4 of 2023 and are all anticipated to pay out in less than six months.The following table highlights Lycos' drilling results on the three wine rack wells drilled in the second half of 2023. Well UWI IP 30  (bbl/d) IP 60(bbl/d) IP 90(bbl/d) IP 180(bbl/d) Cumulative Oilto Date (Mbbl) 00/16-24-048-06W4 318 276 245 189                35,522 02/16-24-048-06W4 239 201 175 137                24,920 03/16-24-048-06W4 212 188 169 N/A                23,840  During Q1 2024, Lycos drilled an additi...