judgement day, page-13

strongerforlonger

There are a couple things wrong with your assumptions.

1. Extrapolating out the previous weeks progress is flawed in that as depth increases, it takes progressively longer to drill for the same depth due to a number of complexities. This also does not take into account any unforeseen delays etc which are almost guaranteed to happen.

2. I can assure you daily drilling reports are being issued, it is the industry norm. No one nowadays accepts weekly reports and this is also stipulated in the majority of JOA's. You can also be assured that as soon as they have any news on the outcome of the well (not just "we made 300m progress today") the partners would be informed (they would not wait for the ending days daily drilling report, they would issue something as soon as practicable possible)and it is up to them to see if it is material enough to release to the market. It is clear from this that they are still drilling ahead to TD and unless TD is reached by tomorrow, tomorrows report will be the standard update "drilling ahead to TD".

3. Below is the summary page of a daily drilling report from a well a few years back, it gives you an idea of what gets sent out to partners - and as you can see, as depth increases it takes longer and longer to drill (although the one below is an extreme case).