GREY:CUDBF - Post by User
Post by
dschubbaon Feb 24, 2014 8:20pm
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Post# 22245329
Any comments... Jeff?
Any comments... Jeff?
The SR-1 well has been cased and left standing, and the companies are assessing their options.
Read more athttps://www.stockhouse.com/news/press-releases/2014/02/24/petro-one-and-goldstrike-announce-drill-results-from-sr-1#QqxWsXQ43dgm5LQv.99
The LOI also provides that the costs of completing the first two test wells will be borne 100% by Goldstrike to bring its ultimate investment in the projects closer inline with Petro One's investment to date. The cost of each of those wells is estimated to be approximately $420,000 (drilling) and $440,000 (completion). Since the test wells will only be completed if drill stem tests and open hole core logging indicate significant potential for economic success, the majority of the risk will be shared by the two companies at the drilling stage. Drilling costs include costs of casing and cementing or abandonment, as circumstances dictate. Completion costs include cased hole logging and perforating, and production testing. Each company will have a 50% working interest in each completed well.
Read more athttps://www.stockhouse.com/news/press-releases/2013/11/26/petro-one-and-goldstrike-announce-oil-gas-drilling-joint-venture#ARbMyH475BFAEerJ.99