RE: LFD sits on best quality oil in KRGJlmans1, the deeper the well, the longer it takes to drill and the more expensve to drill and the more risky and unsafe it becomes. This is one key advantage LFD has over all the other KRG juniors because LFD is only drilling less than 2700 m and the target Jeribe formation starts from 1660 m. This is what they call shallow oil field and the advantages are as follows:
- It is cheaper to drill with total drilling cost less than $15 million per hole
- It is safer to drill shallow wells
- It is faster to drill. With good drill rig, LFD can complete drilling in 40 to 50 days.
- It is more economical to develop if you hit oil in these shallow zones!