cut & paste-------------------Shell pays top dollar to drill...

cut & paste-------------------
Shell pays top dollar to drill well off WA coast
AFR, Page 28 (Thu 20 Sep 2012) by Angela Macdonald-Smith

Royal Dutch Shell, together with its Japanes partner Mitsubishi, is all set to drill in what could be the most expensive exploration well in Australia ever just west of the Nigaloo Reef in Western Australia. The oil major is bringing in one of the world's biggest rigs from Brazil to drill its controversial Palta-1 exploration well, and according to the owner of the rig, Noble Corportaion, Shell and Mitsubishi will pay them $US417,000 per day for the rig - not to mention the 17% "performance bonus". This compared to the $US290,000 the rig was hired out for while working in Brazil. At the rate the Shell venture is paying in Australia, just the use of the rig for the 80 days the well is expected to take will cost over $US33 million. Junior explorer WHL Energy, which owns a stake at the adjacent permit, estimates Palta to have at least 13.5 trillion cubic feet of gas.
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HC