All very interesting thoughts people. We have discussed the HEWI model on several boards for a few years and no one can really say anything definite w r t demonstrated merit. PTR explanations seem to be a wave-of-the-hand type. The fact that PAR2 has 4000m depth shows that their wells are not significantly shallower than GDY's. Cooper Basin granites start at about 3700m. Right from early drilling of PAR2 the ROP was incredibly slow because of very hard rock and the speed did not increase. Is granite really harder? 143 days have passed since spudding for a well that was supposed to take 60 - 70 days. Since rig charges are on a daily basis PAR2 will be a very expensive well. Will these costs be extrapolated to additional wells?
I had a grouch to BdeG (from the other place) about the time taken for this well and his view was that drilling problems stem from the fact that it was started in basement rocks which all tend to be hard. If these basement rocks extend almost to the surface then the HEWI model may not really be cheaper at all. The question is still open as to whether these insulator rocks are naturally more permeable and easier to stimulate than granites. The next 3 or 4 months of tests should show some interesting data.
Juke
PTR Price at posting:
36.2¢ Sentiment: Buy Disclosure: Held
