Over the past seven years, Mitchell Drilling has pioneered the Dymaxion drilling technology in Australia. Reports indicate they can extract coalbed methane (CBM) gas for as low as $1.10/mcf. Having drilled more than 250 wells across Australia, Mitchell Drilling has begun exporting the company’s Dymaxion® technology worldwide. In a previous interview about coalbed methane (CBM), Sprott Asset Management CBM analyst Eric Nuttall told us he would remain, “quite excited about the prospects for companies with coal bed methane assets so long as natural gas prices remain above $6 per Mcf (thousand cubic feet). The economics would be very skinny under $6.” That’s because CBM exploration and development can get pricey. What if there was a drilling firm regularly bringing gas out of the ground for under $1.50/mcf? There is and they’ve proven it with more than 250 wells in Australia. They’ve moved into India, where they drilled another 30 to 50 wells and another 70 wells to come. Mitchell has taken acreage in southern Kansas, where the company just finished its first CBM well. And the company formed a joint venture with Pacific Asia China Energy (TSX: PCE) to bring its Dymaxion® technology to China later this year.
Bad weather may be heading our way. Many very smart voices have raised their volume over the number of alarming red flags pointing to a worldwide environmental catastrophe coming in a few years or decades hence. One voice, coming from the sharp mind of James Lovelock is resounding across the world’s media nearly every day. His solution: get more nuclear reactors online and sequester the carbon dioxide emissions as fast as possible.
What’s the alternative? Move to the Arctic Circle, where you may someday bask year around with temperatures pleasantly at 74 degrees Fahrenheit. According to findings recently published in the journal Nature. About 55 million years ago, there was something called the Paleocene Eocene Thermal Maximum (PETM). In this PETM phenomenon, the entire Earth was heated up by a gigantic release of greenhouse gases, like carbon dioxide. Lovelock has insisted we may see that kind of hot later this century.
