re: Ann: Rosewood Plantation 21H No.1 Drillin... C'mon, calling them 'producers' is a little generous. Okay, maybe they're not bad enough to plug, but they're not economic enough to have been worth drilling; you certainly can't call them successes.
Deshotels 20H was giving us 18 barrels per day back in March, and that figure has no doubt dropped significantly. This is not economic for a well which cost millions to drill as well as ongoing operation costs.
Deshotels 13H was giving the same net amount to PYM at the same time. Same deal, this just isn't economic. With mechanical issues we can't confirm the land's potential, whether or not it's there.
Rabalais 35 No.1 actually was a complete duster. Plugged.
It doesn't matter whether the land is the problem or the mechanical issues are the problem. The fact is, they have put millions of dollars into drilling wells which are either completely dead or producers only in a technical and uneconomic sense. These have not been successes. Each time we have been promised a company maker we have had failure. The track record is failure. You can't call something a sure thing without even one precedent of success.
I'm not wanting to be overly pessimistic, heck, I hold quite a bit, but neither do I think it's good to be foolishly optimistic. Realistically, you just can't say this is a sure thing. Unproven oil drilling is risky whether it's a first attempt or an nth attempt after nothing but failures so far. This is unproven.
I certainly hope you're right, I'm crossing my fingers you are, but there are more reasons to expect failure than success. Even the big drillers with heaps of experience on proven land sometimes get it wrong and get a duster or something uneconomic. What we're hoping for here is that they manage to finally crack it and have success without precedent. That's surely risky in anyone's language.
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