Sun7, The $100 million is just a W.A.G. on my part. I would guess Whiting has already spent at least $20 million on this well. From what I see in the photos I am assuming that Whiting is planning on a "Facility" similar to some I have worked on for Apache in the Eagle Ford in South Texas. These facilities have multiple horizontal wells flowing to them. A 1200 BOE IP rate well down there is a big one. These wells only have around 200 ft of vert. pay and have to be hydraulicly stimulated (frac'd). To the best of my knowledge this is a vertical well drilled through 1000 - 3000 ft of naturally fractured rock. The fractured rock in both cases needs "proppant" (special sand pumped into the fractured rock in the pay zone to promote the free flow of hydrocarbons). There is a lot of things we don't know about what is going on here. For instance what is Utah's laws regarding well spacing? We do know that Whiting is permitting a well 2-miles north of the Moroni well and another 2-miles East of that one. These are called step out wells. If these are successful there will be "infill" wells drilled between these and the Maroni well.
I do see STTX price going up a little on news of a successful well primarily because it will be on trend and closer to STTX 100% owned acreage.
As for as share price I see this as accumulation time. I own a couple of other stocks that are still drilling wells and claim that they are profitable at $20 oil. Their share prices are stagnant as well.
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