So I was re-reading the announcements on the Canbay 76 well problems.
Basically the gas pressure was extremely high in the Y zone and it also flowed oil.
The problem occurred when milling the frack and the gear got stuck. They then got a work rig in to try and get the thing out and due to the amount of oil and extremely high pressure gas flowing it caused problems. The final straw was when the drill pipe itself broke in several places trying pull the stuck equipment out if the hole. The quality if pipe was to blame as it shouldn't have broken.
This was obviously a big stuff up due to poor equipment. However Canbay 77 isn't using the same pipe or gear this time. You'd have to be really unlucky for the same circumstances to happen again this time. I bet they are using quality pipe this time!
Given the high pressure gas and mud coming to the surface in Canbay 76, unless a different team using different equipment and different pipe have the same problem which in itself would be very unlikely, Canbay 77 is going to flow like a beauty !!!!
OEX Price at posting:
7.6¢ Sentiment: Buy Disclosure: Held