References in periodicals archive ?
Dry hole charges are expected to fall between $25 million and $62 million, including unsuccessful wells at two prospects offshore the Republic of Congo.
We have one of the best commercial well to dry hole ratios in the state of Tennessee.
0 million in dry hole costs to the 100% working interest.
9 million in the second quarter for the exploratory dry hole costs as required by accounting rules.
The Company has drilled nine wells to date, with three discoveries and six dry holes (33% success rate), and expects to drill three to seven additional wells this year.
Pretax dry hole expenses are estimated at $55 to $60 million, down from $75 million in the original estimate.
The improved quarterly earnings results were attributed to lower dry hole costs, lower lease operating expenses and lower depletion expenses.
Nasdaq: KEST) announced that drilling has been completed on the Jampot-1 test well in ATP 589P in the Eromanga Basin, Queensland, Australia, and abandoned as a dry hole.
The primary objective in the Operc sands was found to be non-productive and was expensed as an exploratory dry hole.
The Company utilizes the successful efforts method of accounting, in which dry hole and abandonment costs are expensed as incurred.
Dry hole charges for the quarter are now estimated to be $70 million including a charge of $22 million for the unsuccessful well at the Batu Kapur prospect offshore Sarawak.
This range is above the Company's previous estimate due to lower than anticipated dry hole costs and an exceptionally strong contribution from the Company's refining and marketing segment.