RE:Question CEOs actions.... I think its actially a pretty sound decision. While in doing drilling operations in my career this is done quite often. As stated before the daily cost are very high and its better to use that cost effectively, especially in a offshore enviroment. I still have questions about not having the tools there onsite. The engineering behind the drag on pipe downhole is fairly easily calculated. They knew the new directional plan that was executed and should have had those tools there beforehand. If they where not available, as apparently they had 3 tractors there, a decision should have been made to moved quicker.
again i dont know the total ins and outs of the happenings, and Im sure Art isnt an expert there as well. The issue surrounds planning and execution from consultants that are hired and advise. Have expressed my concerns before about being relatively novice about drilling and issues surrounding the operations and execution of drillin operations. This is not for the faint of heart. I hope they get this straightened out quickly. The incremental cost of a experienced drilling engineer on a daily basis is minute compared to the costs that mistakes can cause.
As far as a offerring goes, dilution would be a bad thing. I personally think that way, but they also only have a limited reserve of cash, before the production comes onsteam. This new well I believe is at intermediate casing point, thus should be able to be drilled to TD faster than 45 days assumming no issues are encountered.
lets hope the ship, so to speak, gets straightened out. $hit happens. A program like this was bound to have a few bumps in the road. Its always how you react going forward.