Drilling Rigs

The shale gas revolution in the United States has changed the demand for drilling rigs from units designed to drill inexpensive vertical wells to rigs capable of efficiently drilling multiple horizontal wells from a single drilling pad. This change in rig requirements has produced a large surplus of drilling rigs in good working order capable of drilling vertical wells in a very cost-effective manner. The initial phase of shale gas exploration that has just started in Australia will create a demand for onshore drilling rigs that will not be readily accommodated by the existing rig fleet. Canning Petroleum intends to satisfy this growing demand by shipping drilling rigs to Australia and training crews to run the equipment.