Paralana 2 well drilling progress As indicated in the 12 August 2009 Weekly Drilling Report by Beach Petroleum, the Paralana 2 geothermal exploration well is at a depth of 1,427 metres and is currently drilling in the Erudina shale formation. The Paralana 2 well drilling campaign was originally expected to take between 2-3 months. The drilling campaign is now scheduled to take 3-4 months. The primary cause of the time extension relates to lower than expected rates of penetration (ROP) during drilling of the large diameter 17 1/2” hole in the hard rocks that are prevalent in the upper geological sequence. The Paralana 2 well is currently drilling the 12 ¼” section of the 4 kilometre well and the ROP has increased significantly achieving more than double previous rates."
A sleeping bagger IMO. She should go up as this timeline progresses in expectation and once the well testing is successfully completed I expect really good gains. The timeline should be multiplied by 2 as the upvent still needs to be drilled. Total time frame 6 months until testing is underway/completed. Perhaps 10 to 12 months b4 first power generation ??
PTR Price at posting:
30.0¢ Sentiment: None Disclosure: Held
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