Nostra Terra, an oil and gas producer, has begun drilling on the third horizontal well in Oklahoma, while the first two have completed drilling and are awaiting completion in the next few weeks. The second well encountered some technical difficulties although these were overcome. Drilling of the Bale Creek first horizontal well has now been finished and it is anticipated that the well will also be completed within the coming weeks.
Capital Drilling Limited, which operates in the emerging and developing markets, reported record first-quarter revenues of $36m, up 31% year-on-year for the first three months of 2012. Monthly average revenue per operation rig increased by 26% year-on-year to $186,000, while rig utilisation was 75%, down five percentage points compared to the same period the previous year. "Despite global uncertainty, the demand environment for quality drilling services has continued to be strong in 2012 with only a slight moderation being experienced in the first quarter," the firm said.
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