Why Wahoo is over 60 days to drill

[jft310]

One of PETs posts under Wahoo . Shows why Wahoo will be more than 60 days.

From an earlier post:

 “The closest IOC well to Wahoo was Black Bass-1. It was drilled to a depth of 5,953 feet. Black Bass-1 was spud on Apr. 25, 2005 and was completed by July 18, 2005.”

That is about 84 days and they were probably drilling in a less problematic area and did not run down-hole deployment valves which takes time. They set 9 5/8” casing at 1,178 feet and 7” casing at 3,100 feet and did not run casing in the bottom 2,853 feet of the hole. So, at Wahoo we will be doing a lot of work that was not done at Black Bass-1 and, therefore, we should expect it to take a longer time.

The second and third Qtr. MD&A for 2005 indicates that the cost to drill Black Bass-1 was about $7 million using a contract rig.

The presentation at http://tinyurl.com/ldbgxm9 page 12 indicates Wahoo-1 should take 60 days and cost $50 million using a Company owned rig (Rig 3).

[ebster123]

Devils advocate, seems logical but if MH and the rest are experts then why didn't they know this??

[Kaliboo]

Devils advocate, seems logical but if MH and the rest are experts then why didn't they know this??

That's the point.  They did know this.  They must have felt that some technological improvement was going to trim a lot of time off the current well.  Anyway you look at it, the 60 day estimate seems quick for a location where most if not all materials have to be flown to the rig site.  Not sure if that applies to Wahoo specifically, but WA made that comment to me once.  "Every nut and bolt," he said.

As noted previously, Wahoo and Bobcat are now in the same time window for potential reporting.  Watch Bobcat come BEFORE Wahoo with no mention of Wahoo status!.  I don't think I've heard anyone say that.  I wouldn't bet on it but anything is possible.  Let's hope Raptor is not first, because that can't be good news for the other two.

[ebster123]

If this is the case, impression to the street is the "A" Team is a "B+" Team...

[jft310]

How many wells has this team drilled together??How many wells has Hession drilled on PNG ? If there was bad news it would have been announced. Did Phil ever drill 3 wells at the same time?Focus on the 3 wells and the odds our board expert PET put on the wells chances for success. If one of these wells succeeds we could have a second LNG project. Hession is incentivized to do just that find more gas and cut a second LNG deal. Let him do it! Stop using a stop watch.

[ebster123]

JFT, I appreciate you and what you add to this MB but with all due respect you were one of the biggest cheerleaders for PM and WA. You do not know if there was bad news it would be announced anymore than if there was good news. I suspect there are bigger fish that are paying to get news and can't get it so please do not profess you know more than the rest of us. Like always, time will tell...

[jft310]

Deal in these facts guys

http://www.interoil.com/iocfiles/documen...ongPNG.pdf

"Venture into the heart of gas-long PNG"

Interesting quotes at end of article:

"And the word from the north is

that the second of those three

exploration wells, a thing

appropriately called Wahoo-1, is

looking very exciting indeed.

Quite properly, Hession can offer

no comment beyond saying

exploration is a “one in 10 deal” and

his task is to “manage expectations so

people don’t get ahead of reality.”

The other talk abroad is that

Hession and Spector are closing on a

very substantial refinancing package

that will add major Japanese and

Asian banks to the names that

supported that original Credit Suisse

facility. Again, the boss has no

comment other than to note that

these days he is finding it a whole lot

easier to earn a slot in the calendars of

banking’s heavyweights.

[Getitrt2]

JFT, I appreciate you and what you add to this MB but with all due respect you were one of the biggest cheerleaders for PM and WA. You do not know if there was bad news it would be announced anymore than if there was good news. I suspect there are bigger fish that are paying to get news and can't get it so please do not profess you know more than the rest of us. Like always, time will tell...

What is the big problem exactly that you think we have had with WA?

[jft310]

Your offbase Ebster
With a quote from Hession hes "very excited" in an article by the very credible AFR source and put on page one of the Interoil website screams read me I am important.
As to Phil he found this asset area where others gave up. Kudos to him. Hession will take the acreage and monetize it.
As to WA he tells it like it is in every conversation I have had with him.
Neither Phil nor Wayne got it all right all the time cause it changed. They gave us pictures in time which were 100 accurate when the picture was taken. Later others like a Duma may have muddled the water of the intentions. But then the hands of the clock moved forward and the picture changed. Not their fault.
Neither person deliberately put out false info .