2) Now that we’ve decided to go with a vertical well, will we need to follow it up with a horizontal well?
DaveW: The short answer is “yes”, but not to prove the production potential, because we already will have done that, so what the next well, or wells will be - hopefully if we get this well right - it will be wells... (PaulB: Exactly!) … DaveW: What they will do is they will allow us to enter production really. So, there’s a chance that we do this well, and we don’t get the design quite right and we have to tweak where we land the zone a little bit - but this well is designed to try to mitigate that risk as much as possible - but it’s oil and gas, and you’re never going to mitigate it to zero. So, it’s like we’ve gone from 25% to 50% and maybe we want to get up to 85% - and then it will be tweaking to see where the right zone is to land the lateral and maybe tweaking the frack design.
(Moves closer to the mic)
DaveW: So basically the upshot of what I was saying is… yes we will need to drill laterals because that’s how the field’s going to be developed - but this well will tell us how and where to drill the laterals - and to me, in my mind, really, if we get it right - we’ll be drilling development wells.
It’s not another “science well”… still trying to figure out what we’re doing type of well, that’s not going to be the next step, if we get this right.
PaulB: No more “bait-cutting” - we’re going fishing.
88E Price at posting:
3.9¢ Sentiment: Buy Disclosure: Held
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(20min delay)