From the Petrohawk quarterly today, the Eagleford features heavily. Petrohawk are also doing a share raising of 25M shares :-)
Highlights include the 100% success rate on all HK wells and super fast drill times at the Eagleford:
"The Company participated in the drilling of 30 operated and 102 non-operated wells during the quarter with a success rate of 100%. On the Eagelford: The Company has now drilled a total of six wells... these six wells reached total depth of approximately 16,000' in an average of 18 days"
The Austock valuation on Antares used a success rate of 70%, perhaps a little low compared to what HK are achieving. Let's hope it continues.
Based on a drill time of 18 days, and spud date of 20.07.09, we could be due for an announcement next Monday on the D457 well reaching target depth.
Dare I say HK will be quicker to test D457, it feels like the AZZ will delaying FD2 tests. Perhaps the reason is success on D457 may provide AZZ the financial breathing space and confidence to go horizontal on FD2...?
AZZ Price at posting:
29.5¢ Sentiment: LT Buy Disclosure: Held
