Based on the information gathered, subsequent wells will be drilled to the target formation(s) and then turned to the horizontal for a distance of 4,500 feet. Multiple locations have already been identified and the drilling schedule will be prioritized accordingly
You could be onto something there..We have a pile of cash sitting in bank circa 2 million that's without credit extras...and with nobody spending big in the sector matt could buy some more land/leases on the cheap....We shall have to wait and see...I'd like to hear of some more 20% Wells in ct as it's gone quiet again and we need new Wells to be able to sustain the output as the newer Wells start to decline... A few more Wells with higher Wi before Xmas would be good...not many I would of though will want to invest when prices are going down...but we have money to spend!..let's do it!
One would think and expect drilling and leasing prices to fall. Just like the sp as the assets(oil price) are devalued so should all relative costs.
Drillers/rig owners will have to reduce costs or rack and stack their equipment. I would prefer if CEO stops everything in the pipeline viz a vie WB & HP. Renegotiate deals or put on long term hold.
This is the perfect chane to buy more leases....yes buy more cheaper leases! Or move the money to higher return/producing lesases. RRL did this by default on Smiths well #1 4 years ago. Where they bought in cheaper as the company in this well needed money and wanted to prop up the other side of the business and sold out cheap. Its being in the right palce at the right time. I wouldn't put it past CEO and COO looking for such deals as we speak and our COO's phone ringing off the hook.
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