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Microcap & Penny Stocks : Tri-Valley Corp. (OTC BB: TRIL)
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To: Stew who wrote (4779)4/19/2001 3:44:38 PM
From: richard badauskas  Read Replies (2) of 4821
 
Costs to drill wells in the San Joaquin basin increase dramatically with depth. For example, a syndicate of small Australian oil companies are doing horizontal drilling at their Eagle Pool development not too far from TRIL. They have re=entered an old well and prepared it to drill a horizontal extension of 1,000 feet at a depth of 13,600 feet. The well has already flowed oil from the old hole (suffered from mechanical problems). A workover rig cleaned out the old hole and prepared it for horizontal drilling. In the next few weeks a rig will complete the horizontal section. The target is a potential 27 million barrels and 67BCF of gas. If successful the well will flow at 500-1,000 bpd and between 1.5-3 MMCF per day. For more see farnl.com.au and lead to the development of the field. Cost is $1,270,000 and completion is an extra $560,000 (where oil and gas are found). This should be an interesting play because positive results from a "low risk" will give the mini-micro cap Australians plenty of upside.

The reason for drilling horizontally is that you get much greater surface exposure and pressure from the oil/gas pool than drilling vertically. If you want to discuss this further you may leave your comments on the First Australian thread.

Deeper drilling is more expensive. I understand that the East Lost Hills wells go down to 30,000 feet and cost around $8M without horizontal drilling. Will be visiting this play next week so should know more then.

If TRIL really have the goods they will be inundated with offers to finance and drill.
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