Who is Doris Day? Was she the NZOG tea lady ?
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These days NZOG should give a daily progress report. Drilling is so quick that 7 days is too long. Look at the last hole they drilled.
Back in the drilling boom of the 80's reports were made far more regularly with much poorer communication technology. Perhaps even a Twitter commentary each day to keep the investors better informed?
How about it NZOG?
Drilled to 1500 metres already, bloody hell should be in the oil by Tuesday I reckon !!
NZO
11/03/2010
MINE
REL: 1151 HRS New Zealand Oil and Gas Limited
MINE: NZO: Hoki Exploration Well Disclosure Notice
NZOG (New Zealand Oil & Gas Ltd) advises that the Kan Tan IV drilling rig,
having spudded the Hoki-1 exploration well on 5 March, is currently running
13 3/8 inch casing, having drilled to 1505 metres.
The Hoki-1 well is located in exploration permit PEP 38401 in the offshore
Taranaki Basin.
It lies approximately 135 kilometres west of New Plymouth and in water depth
of approximately 330 metres.
Hoki-1 is targeting the oil potential of the Cretaceous North Cape reservoir
sequence and the underlying Wainui sandstones. The well is planned to be
drilled to a total depth of approximately 3,570 metres.
Immediately following the Hoki-1 well, the Kan Tan IV will be used to drill
at least two wells in the area surrounding the existing oil fields at Tui,
where NZOG is a 12.5% partner.
AWE, as the operator here controls the release of drilling information.
Hence, the release of reports today by both companies.
http://asx.com.au/asxpdf/20100311/pd...6b24qtjsfc.pdf
I just read its costing $31.5m to drill Hoki over 3 weeks, which is about $1.5m a day.
If it only takes 2 weeks, do we get it cheaper?
Or will they drill on the the Tui wells for free during the spare week - yeah right.
Story from mid last year, something to drool over while we wait ...
http://nzenergy-environment.co.nz/ho...eep-south.html
I believe in the normal course of events, the rig will be hired by the day, with allowances for mobilization and relocation. If its a dry hole, they could move to the TUI area early, but if they find a significant hydrocarbon shows, then they may spend some time testing the various horizons. If it takes a few extra days counting all the barrels, that will be extra for the rig. The worst case is if there is a significant quantity of gas, which will make the development decisions very complex, and may stymie the development completely.
As Albacore showed, if there is nothing found, they can pop holes down very quickly. If they are still at Hoki next week then things will be interesting indeed.