I had a couple of calls to Linc today.
Well it seems as though they just poked their nose into the Pre-Permian, which they hit on prognosis, which is good to hear.
They tell me the pipe was lost due to a twist off, caused by a washout. A washout occurs due to a leak developing in the pipe, usually around the thread or slip area, and the drilling erodes/ washes out the pipe and weakening it, until it parts, or the pressure drop is noticed by the driller and he shuts the pumps down.
They explicitly stated that the wash out was the cause for the loss of string, and not the change of formation. But you do get torque spikes through a formation change and the fact they didn't fish the pipe, would indicate that there were others things going on in the well at the time.
I asked about the schedule for announcements, and was told it has been 2 to 3 weeks, but I still believe they will continue with their previous schedule of good news, early. Bad news as late as possible. I do hope they prove me wrong.
I asked for conformation of the Eba #1 650m and still in the Mt Toondina formation, which they confirmed.
I doubt we will hear too much more this year, unless the camp site get flooded in oil, so I hope all have a Merry Christmas and a prosperous New Year. I will sitting in Singapore pretending to be working, so all have a drink for me.
A s they say see you on the other side.
LNC Price at posting:
99.5¢ Sentiment: Hold Disclosure: Held
