bushman242 post from StockHouse:
3/22/2011 5:35:21 AM
Post #29461586
Gents, I've read alot of your statements with interest and decided time to give back a little. Please realize this is just my opinion and I'm rooting for Vast to hit and hit big!
Newguy2, I can't agree with that statement. One should not expect daily problems at the rig. The operator should be prepared for any and all issues (other than acts of God).
I work in the industry (eastern hemisphere), and currently we're drilling 3800m S and J type deviated wells in 17 days for a major operator. Spud to rig release in 21 days. 21 days is much different than 1 year. I realize the geology is different but not 1 year different.
In another area, we've drilled 12km extended reach wells in 2 1/2 months. That's 12,000m (and more) of pipe in less than 3 months under VERY difficult conditions. We batch drilled the pad by section, but overall still less than 3 months.
For success, you must conduct the due diligence and spend the money for the service companies. If you've got a drill bit that wears down quick or a motor that torques up easily - you will get delays and expensive ones. If the fluids you're drilling with don't provide enough lubricant or carry the cuttings efficiently to surface, you get problems. There are a hundred different scenarios. You see my point. Multiply them by 10 for areas such as Iraq that do not have the "Hotshot" companies available 24 hrs for any spare required. I'd be very interested to know who is all involved at rig site and providing the different services. My money would bet on local and undersized outfits without the technical knowledge and equipment solutions as the bigger companies.
My thought with this well is that it being exploratory and without proven reserves (as of yet) NIKO (and VAST) hasn't dedicated the amount of money to finish the well quicker. This is not their only well and their pockets are not endless.
That said, they have slowly but surely made their way through this one and they will reach TD soon. Among the happiest at TD will be the drill team as I am sure they've worked their asses off and with limited tools and resources. I hope the shareholders are just as happy and rewarded with maintaining a long position throughout this diffcult well. Let's also hope this well is so significant NIKO/VAST will have the funding to drill the next ones in much less time! GLTA!
Focus Focus Focus Focus !!!!
