TSXV:DXI.H - Post by User
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ROUGETRADER719on Feb 13, 2018 1:44pm
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Is PD on th lease for the 1 st of 4 wells 161% IRR
Is PD on th lease for the 1 st of 4 wells 161% IRR Woodrush project -- timeline
A permit application for the Woodrush drilling program and the related pad and road construction was filed with the appropriate regulatory authorities on Jan. 16, 2018. The application requires a minimum 15-day turnaround. Accordingly, the company expects to receive its licence in the very near term. In preparation for the first well spud, anticipated in mid-February, 2018, DXI has completed the following key preparation steps:
- The final prestack migrated 3-D seismic data interpretation has slightly redefined and enhanced the multiple drill targets available. The optimal bottom-hole locations of the first two wells have been chosen, resulting in the creation of an economic, multipod drill plan from a single new surface pad. A third highly attractive bottom-hole location is also available without surveying, licensing and building a new pad.
- An AFE (authorization for expenditure) has been finalized.
- The road contract for the pad has been bid out and secured with construction to be under way as part of the company's licence application.
- A drill contract has been signed with Precision Drilling. The rig is hot and ready to move when the company is.
- This phase of the Woodrush drilling program has considerable optionality for expansion prior to seasonal breakup as results define.