With the oil price now sub$75, the economics of drilling horizontal wells is problematical especially when you're drilling wildcat wells in an unproven field such as Battle Mountain - and most operators are now walking away from such drilling. The proposed vertical well must also be problematical as it is on State land which will likely have winter wildlife restrictions imposed on it - anywhere from Dec thru June.
Hope to be proven wrong but even when these three drilling permit applications are approved, the chances of drilling going ahead anytime soon looks forlorn.
Expect more carrot dangling in the AGM presentation on Thurs 27Nov
ETE Price at posting:
3.1¢ Sentiment: Hold Disclosure: Held
