RE: Wut iz going on at the rig?(RJ)They are using a jack-up and it is slow drilling through the Permian. The secondary target is in the Westphalian (Carboniferous)below. Well costs have increased for day rates on jack-ups and maybe the sea floor is quite shallow here as they are nearer to the UK coast. Lots of companies have had problems trying to tie-down these shallow-water jack-ups in the European area. The only way to get one is to pay the exorbitant day-rates. There must be expiry pressure on the lands and they have to drill or lose it!!
Its looks an interesting play, regionally lying off the eastern edge of the Alston block ( a major palaeogeographic feature in the Carboniferous in N. England). A well defined structure with 4-way closure (by seismic) and an offsetting gas tests and bypassed pay, make this a much more robust prospect than Laurel Valley ever was.
From the video, it seems thay will need fracture-enchancement in the Permian zones to make it work, but it they get that, the wells could yield "boomer rates". The Permian gas will be slightly sour, which will add complications in processing (and costs to drilling!). However in Western Canada, they regularly drill much more sour gas streams than this without any problems.
Could be a "sleeper"..
Bigbadun'