Ann: Lockyer Deep-1 Operational Update, page-225

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Rig9

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30/09/21

16:47

Post #: 56473951
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Originally posted by Beegees20: ↑

Hi Rig 9 and Wiggie,

I had a little look at the press release again and noted the reference to the cost not being more than $5 million to recover to where they were just before the cement job.
So I have assumed that they can average around 9m/hour on 23 hour days. (1 hour per day for rig service).
To drill down the to the top of the float collar will take around 18 days. This assumes that they have a PDC bit in the hole.
Maybe they can drill more meterage/day but I allowed for connection and circulation times.
Then they may do a bit and scraper run to ensure there will be less risk with a logging (USIT/CBL) tool getting stuck.
The log will confirm the top of cement in the annulus and take it from there.
Hopefully the TOC will be below the bottom of the Kingia sandstone.
I would expect a requirement for a BOP test during this period also.

Then if all going well, perforate between the TOC and bottom of the Kingia, get circulation back and proceed with the cement job.
It is not difficult for me to see this stretching out to +/- 25 days and between rig rate/spread rate, logging, cementing charges, bit(s), drill string rental, transport costs and extra drilling chemicals......and not much change out of $5,000,000.

I'm also not familiar with all the WA Petroleum Regulations.....so maybe other things to do to satisfy the regulators....!!
Happy to get feedback. Cheers.

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Nice one mate. We now know they are working hard and not resigned to fate. Great to see the effort.
I am wishing myself, all share holders and NWE all the best for a succesfull milling and recovery.

NWE Price at posting: 2.9¢ Sentiment: Hold Disclosure: Held
3 Upvote

0 Great analysis

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Ann: Lockyer Deep-1 Operational Update, page-225

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