I don't believe there has been any unexpected hold ups, there may have been, but the Pre-Permian rock is very hard and abrasive. On the Haystack well in 6" hole, they were battling to get 24hrs out of a bit. They had to urgently acquire new bits, and were actually held up as the truck got lost. In a normal operation you have a full selection of bits on site for the complete well. So they got a surprise on that one.
This well, they are drilling 8 1/2" hole and therefore will have a better selection of bit available. longer life, but they will be still have the slow grind of the very hard rock.
If anyone really wanted to do some reach on the drilling, then I would check the Officer basin wells, rather than the Arck wells, as the Pre-Permian is actually the Officer Basin which under lays the Arck. There aim is to get to the Pre-Cambrian formation, which is the oldest sedimentary rock available.
Also this well was never planned to have "Flowing Barrels". It was to check out the shale, and you don't really get to know too much about shale until it is in the laboratory. I would like to think they have been cutting some cores, but that has not been mentioned as yet.
Of course the Pre-Permian, is where most of the potential resources are suppose to be, and the area they know the least about, so surprises, good or bad will be most likely in this area.
All this doesn't mean that Linc can't release simple progress reports, Drilling ahead at XXXXm 8 1/2" all is fine. It would calm a lot of nerves, and stop a lot of this speculation.
LNC Price at posting:
99.5¢ Sentiment: Hold Disclosure: Held
