chances are it will be a duster. 1/10 odds that it will be a find.
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chances are it will be a duster. 1/10 odds that it will be a find.
Not exactly Fish, NZO has quite a large amount invested ....
NZOG bought a 10 per cent stake in Hoki this month from oil company OMV. Hoki is about 150km off New Plymouth.
NZOG is spending about $10m for its stake in Hoki and share of exploration well costs.
http://www.stuff.co.nz/business/indu...ould-equal-Tui
NZO
12/04/2010
MINE
REL: 1209 HRS New Zealand Oil and Gas Limited
MINE: NZO: Hoki Exploration Well Disclosure Notice
NZOG (New Zealand Oil & Gas Ltd) advises of a progress report on drilling of
the Hoki-1 exploration well.
The Kan Tan IV drilling rig resumed operations last week, having previously
drilled to 1,505 metres and set casing. At 0600 hours (NZ Time) today, the
well was at a measured depth of 2,132 metres and was drilling ahead.
That equates to 104.5 Meters per day which would seem by comparing previous reports a little slow.
Hard rock??? Wishful !!!
exactly my thoughts too,
a slow drill could be hard material to get though, which could mean a solid roof to trap the oil.