ASX ANNOUNCEMENT 11 SEPTEMBER 2007 Habanero 3 Drilling progress Geodynamics is pleased to advise that the drilling of Habanero 3 is now at 6,696ft (2,042m).
The drilling operation is experiencing some commissioning issues with the new equipment that have delayed progress.
Notwithstanding these issues, we have been very pleased with the performance and the rig is living up to our expectations.
For example, the rate of penetration in the 17½” diameter section currently being drilling reached a maximum of 127 ft/hr, with an average of around 60 ft/hr through sections that previously were drilled in Habanero 2 at an average of around 40 ft/hr with a 12¼” diameter bit.
Note that not all sections are so easy to drill and that lower rates of penetration can be expected in some of the harder sandstone formations to come.
For further information please check our website (www.geodynamics.com.au) or contact Mr Gerry Grove-White or Paul Frederiks on + 61 7 3721 7500. Gerry Grove-White Managing Director
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