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Maverick Drilling and Exploration Limited (MAD)
is a publicly listed company on the Australian Securities Exchange (ASX).
About Maverick Drilling and Exploration
Maverick is an independent oil company with large acreage positions on the Texas Gulf Coast and its own fleet of drilling and completion rigs. The company was a drilling contractor for more than three decades and is relatively new to the exploration and production industry. Listed on the Australian Stock Exchange, Maverick markets its securities in the United States through American Depositary Receipts (ADRs).
- Drill low-cost, low-risk oil wells to develop the Blue Ridge oil field
- Build a new E&P Management Team
- Establish financial structure and capacity to support acquisitions
- Identify, acquire, develop and manage a balanced portfolio of oil and gas assets in the Lower 48 states
Maverick spent 35 years as a drilling contractor and is very new to the exploration and production business. The new management team commenced in late 2013 and now has brought a full exploration and production focus to the company.
A solid base on which to build:
- The Blue Ridge Dome, which produces between 1,000 and 2,000 barrels of premium-priced oil per day. Maverick operates the field with a near 100 percent gross working interest (GWI) and a 75 percent net revenue interest (NRI)
- Additional hard assets, including five owned drilling rigs and 10 completion rigs that are fit for purpose for Blue Ridge
- Management commitment to investors to change the focus from activity to value. This will be done by decreasing Blue Ridge costs while maintaining productivity and by capturing new assets via exploration, farm-ins and acquisitions
Build a growing, multi-asset, investment-grade oil and gas company
- Optimize the development of Blue Ridge
- Build a professional E&P management team to manage multiple assets
- Screen and pursue acquisition of additional assets in multiple basins.
- New E&P management team on board
- New functional management in finance, exploration, drilling, procurement, land, M&A and HSE
- Banking options being finalized
- Deal funding opportunities maturing
- Beginning asset screening
- U.S. ADR listing commenced
- Build finance and technical systems
- Begin acreage, deal screening: Material positions in undeveloped/re-developable acreage with geology Maverick understands
- Prepare for multi-asset operations
The Blue Ridge Dome is a piercement-type salt dome located just south of Houston. Since its discovery in 1919, the field has produced more than 24 million barrels of oil from less than 1,200 acres. Early Blue Ridge Dome wells routinely produced at rates upward of 1,000 barrels of oil per day.
The field comprises multiple channel sands that require aggressive well spacing to fully deplete. Development of the remaining oil is challenging technically but is being addressed with modern geoscience and engineering applications.
Maverick's 2,329 net acres are in the eastern half of the field at high working interest.
Maverick has acquired data from the field's first-ever 3D seismic survey. The field is being developed with five active drilling rigs that are uniquely owned by Maverick.
Maverick Drilling and Exploration Limited
24 Bolton Street
+61 2 4925 3659
Fax: +61 2 4925 3811
The General Overview, Services, Products and Projects information for this profile was last edited on 03 Jun 2015.