>Sorry to hear this B2B, there goes $30 million down the drain, and that is a bummer
The Mako-6 proved the existance of the BCGA down to a depth of about 6 km, and in return, Falcon got a production license. That was the original purpose of the well...therefore it's not really 30 million down the drain. Only the money they spent trying to complete and test it went 'down the drain', but even then, the lessons learned from each well are also very valuable. As an exploration well, the Mako-6 was a huge success.
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production wells are drilled primarily for producing oil or gas, once the producing structure and characteristics are determined
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appraisal wells are used to assess characteristics (such as flow rate) of a proven hydrocarbon accumulation
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exploration wells are drilled purely for exploratory (information gathering) purposes in a new area
February 25, 2008
GULF SHORES ELABORATES ON STATUS OF NORTH SEA UK WELL 15/18a-12
Further to the news release issued this morning the Company wishes to point out that under the terms and conditions of the farmout agreement entered into with Petro-Canada UK Limited the 15/18a-12 well was intended to be drilled, logged, tested, and plugged and abandoned. The plugging and abandonment of successful exploration/appraisal wells is common practice in the North Sea.
