"It expects to take 30 days to drill LICHT-1 to its total planned depth of 2900m with the first Oligocene reservoirs expected to be intersected from a measured depth of about 2000m with the main reservoir expected from about 2500m.
Cost of drilling the well, estimated at $8.5m on a dry hole basis, is largely covered by partner MND Austria’s commitment to fund €4.5 million ($7.4m) to earn 50% of the MND Investment area within the ADX-AT-I licence."
$8.5M/ 2500m = $3400 a meter ,
If that is in Australian $ then seems like a lot of money, as DD drilling for say a 75mm core is around $300 meter (not including assaying)
Admittedly this is I am guessing around 200mm diameter drill hole at surface , (then narrowing down ) as one goes deeper there would be more work involved in retrieving the drill string , and the size of the rig for pull back would need to be considerable so pushing up costs per meter . Does anyone have comparable costs with say in the USA for drilling costs to around a 2500 meter depth ?
ADX Price at posting:
12.5¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)