There has been so much bad down ramping about the cost of the...

There has been so much bad down ramping about the cost of the drilling being undertaken by Rialto.

My estimations which are on the high side as they are based on the western shelf in Australia.

Rig day rate: $350,000
Companyman, geologist, Mud engineer etc for rialto: $30,000
Supply vessels: $150,000
Helicopters etc: $30,000
Equipment (not daily) (Casing, mud, drill bits etc) $200,000

= an estimate of $760k a day

Drilling offshore is not cheap.

5 months of drilling estimate = $112m

8,000 BOPD for 5 months = $120m

So 5 months of drilling.....and it's paid off.

If you don't like the cost of Oil and Gas drilling offshore go and invest in something else. The big investors know these figures.....and hey guess what they have invested in RIA at prices higher than 25c. They see the bigger project. If you can't get out now, this is a long term investment.

All major oil companies have problems in drilling, and spend a load more solving them. You just don't hear about them because they don't have to tell everything. They just tell you at the end, Oil gas discovery or duster.

I'm happy with the reporting, because I can read what they are telling us.

DYOR