Hyperdynamics Corp (HDYNQ)

[kudos2u]

Here's the official definition...then I'll let you and others decide--(posted this on IV)--


The Question:
In the oil drilling industry there is a term called "spudding." What is it and how does it work?

The Answer:
To spud comes from the Middle English word, "spudde" meaning a short knife. In oil drilling "spudding" means the very start of drilling on a new well. Check out Infoplease's oil spill glossary, written after the 2010 Gulf of Mexico Oil Spill. In addition, the American Petroleum Institute offers the following definitions using the word spud:

Spud Contractor Name
The name of the contractor spudding the well.

Spud Date The day when the drilling bit penetrates the surface utilizing a drilling rig capable of drilling the well to the authorized total depth.

Spud Time
The actual time (hours and minutes) when the drilling bit penetrates the surface utilizing a drilling rig capable of drilling the well to the authorized depth.

Spudding In
The very beginning of drilling operations of a new well.

—The Editors

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A little confusing isnt it...at least to me. But it would appear that the Spud Date is the date that the drill being used to drill down to TD is the actual spud date. "Spudding in" sounds as though it might start earlier, but again, the terminology is confusing. On the other hand, we should know soon, as several people were assured that a PR / NR would be released upon spudding...jt