Taking Stock Page 8.
"At the California Eagle project, partners Victoria Petroleum, Sun and First Australian Resources found that poor drilling skills and a barely capable rig contributed to slow drilling progress and cost overruns, while in Utah, Golden state Resources ran into trouble at its Golden Eagle project.
After reaching about 48% of its total depth, drilling at Golden Eagle halted for almost five weeks while the drill underwent "maintenance".
This type of breakdown is becoming far too frequent in the US. Poor equipment reliability results in higher costs for all concerned, raising questions about the safety and suitability of rigs.
.......... With the level of geological risk involved, junior companies just don't need this added level of engineering risk."
Perhaps this is why there is a retreat from companies drilling in the US?
resourcestocks september 2006
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