exxon 4 more wells, page-19

62strat,

Thanks for those figures. Iknew that they raised $41.25 million to drill three wells but I didn't realise that they had only spent about $12 million on Tindalo and Yakal.

Anyway, I assume that rig prices have dropped since Tindalo and Yakal were drilled but even if they haven't and allowing for US$15 million to drill a well in SC54 A and US$20 million for development (not allowing for a cluster development) then Nido's costs would be approximately US$17.5 million per well. Surely they could manage to drill at least two wells per year once they begin to receive income from Tindalo, especially if they could negotiate similar EWT agreements.