|2,400||Boe/d average for Feb 2022|
|130 / 34||Net identified / net booked locations|
|8||MMboe 1P reserves|
|10||MMboe 2P reserves|
Blackspur has established a core position of land (~63 net sections) and significant infrastructure that creates a foundation for growth and expansion with year-round access. Blackspur has drilled >60 wells to date. The Brooks asset averaged production of a net ~2,400 boe/d in Feb 2022 with a 94% working interest.
Brooks production comes from the Sunburst and Glauconitic formations. The Sunburst Formation can be developed at low cost (<C$1m/well) delivering economic rates of return. Blackspur’s existing infrastructure can process up to 7,000 bbl/d oil.
Future growth from the Brooks asset will come from the 130 net locations that have already been identified. Additional reserves are expected to be realized through implementation of enhanced oil recovery projects. Blackspur recently initiated a waterflood in the Countess J2J Pool which is expected to show results in the near term.
The Sunburst wells being drilled are conventional open hole horizontal wells, meaning they require no stimulation such as hydraulic fracturing. The true vertical depth (TVD) of the target Sunburst zone is ~1,000m and the average lateral length of the horizontal section is 775 meters. The combination of the shallow target depth, relatively short horizontal length, lack of need for stimulation, and short tie-in, results in an all-in cost estimate for each well to be C$1 million. The new wells will be processed at existing Blackspur oil facilities. Well economics are summarised below in Table 1: