Markets / Stocks

Lilis Energy Sees Record Initial Production From Wolfcamp Well

Lilis Energy (LLEX), an exploration and development company, is up more than 5% in pre-market trading as the company said one of its wells reached record initial production.

The company said its Hippo #2H is the highest recorded initial production, or IP, per 1,000 ft. the company has drilled to date in the Wolfcamp formation in the Permian basin and the highest recorded among offset producers in the basin. The well reached an IP 24 rate of 2,149 Boepd (77% liquids), on a three-stream basis, equivalent to 478 Boepd per 1,000 ft.

Two additional wells have reached 24-hour initial production rates, the company said. The AG Hill #1H well reached an IP 24 rate of 1,000 Boepd (87% liquids), on a three-stream basis, equivalent to 223 Boepd / 194 Bopd per 1,000 ft., a higher Bopd rate than the basin average. The company’s Meerkat #1H well reached an IP 24 rate of 1,823 Boepd (56% liquids), on a three-stream basis, equivalent to 393 Boepd per 1,000 ft.