Archer has been advised by South Bay Resources (the Operator) that they will likely be plugging and abandoning the Matagorda Bay 127-1 well in Calhoun Country, Texas, USA.
Archer participated as to a 22% interest in the recompletion of the 127-1 well, targeting the Bol Mex sand in the Lower Frio, which showed multiple apparent pay zones in logs and core at a depth of approximately 8,700feet. Following perforation of the well bore and the installation of a gravel pack at the targeted zone depth, the formation began producing fluids under high pressure at a rate of approximately 500-600 bpd, though hydrocarbons were not present in the produced fluids. The lack of hydrocarbons will likely lead to the abandonment of the well.
Claude Perrier, CEO, stated, "The completion of the Matagorda Bay 127-1 prospect was highly anticipated by Archer shareholders and its failure is disappointing. Management will spend the coming days performing a post mortem to determine the cause of this outcome as well as discussing strategic alternatives for Blocks 150 and 151 in the Matagorda Bay play."
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