I think you are correct, Rock Man.
Skip does the pace seem to be picking up or is it just my imagination?
From the standpoint of forming new AUS C drilling units, yes. Late comers have had to secure their leases before this step. Keep in mind that a unit application, when approved, does not require any wells to be drilled. After the unit is approved spacing must be approved in a separate application since these are horizontal wells and there are rules on where they can be located within the unit boundary. Then, finally, a well permit to drill must be granted. The first two steps require notice to Interested Parties, the last does not. What has not picked up yet is actual permits to drill. When you start seeing those hit the database, the exploration phase will be underway and rigs should be moving in soon thereafter.
Not predicting a stampede. If each AC player brings in one rig to attempt to de-risk their acreage, that will be plenty to start. They obviously are not put off by EOG's actions. Since this may very well be a "sweet spot" play, one less than economic well is not the end. Just the beginning.
Is there any more clarity concerning EOG’s intentions, West or East, after the Eagles Ranch “Science Well” performance to date???
Helmerich & Payne Rig #507 on the Crowell LM 30 #1 reported 15 days Drilling Ahead with no reported depth in the weekly rig report, Friday Oct. 26.
H&P Rig #507 reported 22 days Drilling Ahead on the Crowell LM 30 #1 on 11/2, no depth reported.
H&P Rig #507 reported 29 days Drilling Ahead on the Crowell LM 30 #1 on 11/9, no depth reported.
Thx Skip, sonris has it at 14,915 MD going to 16,005 MD for deepest vertical listed on well profile. Pretty quick depth in 29 days drilling would you say?
Hydro, I just don't know. Maybe Rock Man can give us an opinion.