ConocoPhillips has placed its entire 234,000-acre asset in the emerging Austin Chalk play of Louisiana on the market, about a year and a half after the position was first unveiled.
According to marketing materials seen by Upstream, the asset is largely undeveloped but includes four Austin Chalk wells: one vertical pilot and three horizontal wells with vertical pilots. It also comes with 25 approved Austin Chalk conversion units.
Offset activity includes "multiple" Austin Chalk and Tuscaloosa Marine shale wells that have been drilled in recent years, according to the materials.
A spokesman for ConocoPhillips confirmed the package offering to Upstream.
"This process is part of our overall strategy to maintain a highly competitive portfolio and our commitment to disciplined capital investment," he said via email.
Bids are due 17 October.
The Austin Chalk is a legacy conventional play with deep roots in Texas, though exploration companies have been testing the trend to the west in Louisiana.
ConocoPhillips disclosed its position in the emerging Austin Chalk of central Louisiana in April 2018 as interest ticked up in the play amid strengthening oil prices.
Marathon Oil announced a 245,000 Louisiana Austin Chalk position a month later and Equinor acquired 60,000 acres in the play, also in Louisiana, in September 2018.