(1888PressRelease)
May 25, 2006 - SARASOTA, Fla., May 23, 2006 —
Mitchell Drilling’s managing director Nathan Mitchell told StockInterview.com about the company’s decade-long evolution of its Dymaxion drilling technology, “We can get such high gas from low gas content reservoirs, where people didn’t previously think there were reservoirs.” Mitchell called his propriety Dymaxion drilling technology, revolutionary, saying, “It has changed the face of CBM. It works in areas where people didn’t think it would work.” Mitchell has begun exporting the Dymaxion technology to India, Kansas (US) and China. Earlier this year, Mitchell Drilling formed a joint partnership with Pacific Asia China Energy (TSX: PCE) for the exclusive use of the Dymaxion drilling technology by this joint venture throughout China.
Because all natural gas prices are local, and because Australian has among the lowest gas prices in the world, Mitchell’s Dymaxion technology is economic at gas selling for US$2/mcf. Mitchell explained, “Our price may cost around $1.25 or $1.10 (US$) per mcf so they are still making reasonable profits at around 50 percent.” How would it play outside of Australia? Mitchell answered, “If you can imagine costs at $1.25 and you’re selling it for $6/mcf, that’s some pretty good bloody profits.”
ABOUT STOCKINTERVIEW.COM
To read James Finch’s featured interview with Nathan Mitchell, managing director of Australian-based Mitchell Drilling, please visit the Internet news website, StockInterview.com. The feature is entitled, “New Drilling Technology Could Finally Make CBM Very Economic,” and can be found on this webpage: http://www.stockinterview.com/mitchell.html
###
