What a horrible comparison to 88E. Arctic Fox triple rig with 400k hook load, 3 mud pumps and 1200 bbl fluid system, huge BOP stack - none of it needed in LEG's case. Mobilization cost of that rig package alone would have been well over $1mill. ~2500m well design with multiple casing strings, cementing, LWD surveillance, 10 days of logging, SWC and MDT fluid recovery testing etc - all irrelevant to LEG. That's why their cost was $12mill.
You completely missed what I was trying to say. I'm talking about a single stack, coal seam gas rig or a rig used in coal seam degasification (they've been degasifying coal seams with horizontal drilling successfully for decades). Optimize your bit / fluid system design (even run a liner to isolate troublesome formations) by using geological data available to eliminate downhole problems encountered in current drilling. Drill a vertical hole with packed BHA that comes with MWD + motor used to only correct the trajectory if simple additional weight on bit doesn't work. Hit the target vertically and if you don't have a win complete your downhole surveys to see where it's hiding. Plug the hole above and kick off to test a target/s obtained from your surveys - at least you have that option. I'm talking about couple of hundred meters of directional drilling to hit the mineralization & confirm the trend, not horizontal drilling for kilometers. Then you can go back to minerals exploration with diamond drilling.They’ve spent millions over 2 years on drilling, poking around using minerals exploration with limited success. They reverted to classic oil & gas 3D seismic survey in order to light up Mawson, which in my opinion has been a great success. Now they’ve spent additional 2 months of drilling trying to hit the target using minerals exploration without success - target missed and rods stuck in the hole. Sure, they might keep poking along and eventually hit it with 3rd/4th hole, but so far no cigar. That’s why I think their answer lies in amalgamation of minerals / coal seam gas drilling methods. They can achieve it at very reasonable lump sum cost targeting a entry level player (and there are a few) that delivers best of both worlds.
Now I’ve told you what I would do. I’d love to hear what you would do?
- Forums
- ASX - By Stock
- LEG
- Ann: Rockford Project Exploration Activity Update
Ann: Rockford Project Exploration Activity Update, page-18
-
-
- There are more pages in this discussion • 18 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add LEG (ASX) to my watchlist
|
|||||
Last
1.0¢ |
Change
-0.001(9.09%) |
Mkt cap ! $29.09M |
Open | High | Low | Value | Volume |
1.1¢ | 1.1¢ | 1.0¢ | $18.79K | 1.878M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 943443 | 1.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
1.1¢ | 306171 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 943443 | 0.010 |
4 | 1366111 | 0.009 |
3 | 1494000 | 0.008 |
5 | 7842857 | 0.007 |
1 | 250000 | 0.006 |
Price($) | Vol. | No. |
---|---|---|
0.011 | 306171 | 3 |
0.012 | 1173802 | 3 |
0.013 | 1027042 | 5 |
0.014 | 1118157 | 3 |
0.015 | 2386760 | 3 |
Last trade - 15.37pm 15/08/2024 (20 minute delay) ? |
Featured News
LEG (ASX) Chart |
The Watchlist
I88
INFINI RESOURCES LIMITED
Charles Armstrong, CEO & Managing Director
Charles Armstrong
CEO & Managing Director
SPONSORED BY The Market Online