takeover, page-32

Where does it actually mention "Takeover"? The term used that I have seen is "Merger". IMO Eric believes that the future for Arc is best served by being bigger, and so the first step was to aquire another oilco. Failing that then merge operations with somebody else.

Coiled tubing drilling has been mostly used on producing wells to deepen the bore to another zone, usually as the result of a 3D seismic run identifying better targets.
Oilwatcher is quite correct. The driving fluid for the drill bit motor negates the need for mud, and if it escapes into the formation will not damage it.