PTR are doing very well! It is a bit surprising that Terry Kallis sounds so matter of fact in the announcement when usually he enthuses about even minor things. Since gaining free fluid flows is really just what is desired I would have thought he would have jumped a hole in the air. Natural fractures are what they are looking for, particularly those separated by ~100m or so. The big question is whether there is a connection between them. The only connection allowed is between the injection and production wells, not between adjacent fractures. Each fracture needs to be a near horizontal sheet after pressure stimulation, and then they need a series of these one above the other for good total flows.
Before completion of drilling they would want to keep the natural fluids in place until they are ready for testing. The 'mud' is a carefully controlled density fluid and not what we imagine as mud. It is interesting that the drilling report last week said that a depth of 3882m was achieved while now it is only 3864m after drilling another 42m!
If I was T.K. I would keep drilling while the going is good - perhaps they can find another fracture at 3950m and a last one at 4050m (Don't tell anyone that that is over target depth). Weatherford may stop at 4000m regardless.
Juke
PAX Price at posting:
18.1¢ Sentiment: Buy Disclosure: Held
