informative post

I found this on the NZ Fixx.co.nz site. Hope you don't mind me using it Coaster but it will be interesting to EBR fans:
Posted: Thu Dec 01, 2005 3:25 pm Post subject:

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The EBR email got bounced back to me so I gave them a bell this afternoon.

Main points:
1) EBR has received an AFE from a rig contractor and the costs look reasonable. The rig that they are looking at is a lot bigger than they need so they will be running the ruler over the benefits of paying a bit extra to get the drilling program under way (which they are very keen to do). Timing is possibly December or maybe early January.
It they take up a rig slot expect an announcement in about ten days or so.

2) Emily will test three stacked horizons. P50 recoverable reserves are 10.5mmbo and P90 are 7mmbo. Apparently these are conservative figures (the P10 must be a juicy number).

3) Cultana will start drilling 7-10 December, with the results due in the order of a few weeks rather than a few months.

4) The timing of the bulk of the Cooper Basin drilling program with WSP is still uncertain. EBR have place two constraints on WSP before they will allow drilling to commence:
a) the rig is fit for purpose - the rig need to be technically prepared as well as meeting state government certification criteria. The rig will also need to demonstrate that it is fit for purpose by drilling 1-2 shakedown wells for other companies on a trouble-free basis.
b) WSP needs to have sufficient funds - at least $3m for farmin costs and enough additional funds to pay for any required repaired should the rig need it.

All sounds good to me.

Coaster