ZaZa Energy Corporation (ZAZA) announced comprehensive drilling updates in its core Eagle Ford properties. “Over the past several months we’ve significantly strengthened our capital structure, and, as a result, are in a much stronger and more stable position to further develop and prove up our Eaglebine assets while supplementing our existing activities in our Eagle Ford acreage. With the improvements in our balance sheet and new positive developments in our operations, we are sufficiently capitalized to execute on our strategy and unlock value from our Eaglebine assets,” stated Todd A. Brooks, Chief Executive Officer of ZaZa.
Eagle Ford Boening Well – Delineating Sweet Home / Black Hawk Field Extension Project Area
Having completed the drilling of the Stingray A-1H well, ZaZa has moved the same rig to DeWitt County and has begun drilling a 5,000 to 6,700-foot, in-zone lateral section in its Boening A-1H well, which has encountered 200 feet of Eagle Ford shale in the wet gas window of the Eagle Ford play, where adjacent drilling results to-date have been excellent. The Boening A-1H pilot hole has already been drilled, logged, and whole-cored. Initial Production is anticipated mid December. With the completion and production results from the Boening well, ZaZa can further appraise and prioritize its ~34,800 net acres in the Sweet Home Eagle Ford Prospect.
In November 2011, ZaZa drilled the vertical pilot hole for the Boening A-1H well to 12,210 feet TVD to evaluate the Eagle Ford open hole section, recovering 471 feet of whole-core, and performing similar Schlumberger evaluations as outlined above. The ELAN evaluation resulted in an estimation of 40 BCF and 5.1 MMBO per section in place. Again, these current estimates are preliminary and are subject to revision based on actual production and further data.
Marquis Eagle Ford Land Position – Further Moulton Development
Upon completion of drilling the Boening A-1H well, ZaZa plans to move the rig to its Eagle Ford Moulton Project Area (~11,600 net acres), located in the proven area of the volatile oil window in Gonzales & Fayette Counties, in order to drill its 8th well in the area, where EURs are 501 MBOE (~94% Liquids), before moving the rig back to its Eaglebine Prospect Area in Walker County to continue drilling Eaglebine appraisal wells.