Marquee has completed its 2015 drilling program at Michichi. Due to ongoing cost optimization initiatives the summer drilling program was completed with drilling, completion, and tie-in costs of approximately $2 million per well, which is 25% lower than the program in 2014. All four light oil horizontal wells of the summer program are now on production and are at or above type curve in production performance. Drilling of Michichi light oil wells continues to demonstrate good economics in the current low price environment.
All four wells drilled by Marquee at Michichi in the third quarter of 2015 demonstrated IP15 rates above 200 boe/d. Three of these wells were drilled from a multi well pad offsetting Marquee's first quarter Banff discovery well and brought on production during the third week of October. All four wells on the multi-well pad are connected by flowline to an oil battery on a nearby lease. Recent production from the three new wells on the pad exceeds 700 boe/d (average >230 boe/d each or ~25% above current type curve) with further optimization anticipated.