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#Vdoorlocksmith Show with Chris Webb - Vice President at Transpac Managers, Inc. We will be discussing major challenges facing operators and service companies regarding lost in hole. Brought to you by Corva.

2:47 – David Gibson (DG): Welcome to the show.

4:07 – DG: Reads comments from the audience and gives shoutouts.

5:20 – DG: Announces that Corva is the wonderful partner in the show, and it is time for the drill bit giveaway.

10:08 – DG: Introduces Chris Webb (CW).
CW: Provides downhole tool insurance, anything that goes below the surface, since the early 90s. Collect data on every well they bring in, every loss, every BHA value over 30 years.

12:11 – DG: Asks how he got into this business.
CW: My father has been in insurance his whole life. No one would cover the directional downhole tools. The need grew from the early 90s and that is how the business developed. I have a computer engineering background, but dad needed help, and I was ready to leave the corporate world. Proclaims that they are the only people in the world that provide this insurance and do this all over the world.

15:11 – DG: Asks if there's ever a time when it’s not a total loss.
CW: Yes. It’s not as common as getting stuck, but it happens.

16:25 – DG: Asks about how he determines who to offer service to and who does not make it.
CW: Answers with small to mid-size operators and directional drilling companies. A downhole tool loss can really affect their bottom line. When you get a request from the big guys on a single well, you have to question what risk they're taking and what's really going on.

19:10 – DG: Asks about red flags.
CW: Explains one red flag being that if it’s a sidetrack that’s already had a loss. You can’t buy your way into a bad risk.

24:07 – DG: Asks about if it’s in the MSA, if it gets lost in hole, do they get to double down if they have a contract with the service providers too?
CW: Not necessarily. There’s a hybrid option where you can use both but it’s not a double dip.

28:21 – DG: Reads question about the most lost in hole BHAs on a single well?
CW: Explains they only cover the first one. Remembers three 800K dollar BHAs lost on one well.

30:23 – DG: Reads question about how the premium structure works.
CW: Charge a day rate similar to the industry companies. When you send in the application, BHAs could be different values. Everyday your tool is downhole, you are charged a day rate. You say how much your tool is worth, and how much value you want covered.

33:35 – DG: Reads question about current trends in insuring high-cost tools.
CW: Gives example of someone who only wants insurance on the most expensive tool on the last few days of drilling. Battle these things in the industry all the time which is a challenge talking with people.

36:01 – CW: Discusses current trends such as MWD motors in the 90s. Discusses wireline trends.

40:40 – DG: Comments how crazy it is that the prices have increased so much. Guest’s slides presentation showing change in price over time.

43:29 – CW: Speaks about causes of losses downhole and shows pie charts.

48:30 – CW: Suggests show topic for the host to be maintenance of new tools/technology in light of this new, interesting trend. Discussion follows.

51:32 – CW: Shares statistics on historical drilling practices. Shares a slide on Well Risk comparing 10 years ago to present wells.

55:30 – DG: Asks if companies are required to attempt to fish out tools when stuck.
CW: Three attempts are required.

57:14 – DG: Reads question about the number of US land tools he is insuring per month and if the major service companies insure their own tools.
CW: That information is proprietary.

1:00:06 – DG: Reads question about lost time.
CW: There is no coverage for lost time.

1:01:11 – DG: Reads question about insuring LWD BHAs.
CW: Discusses the fact that they insure up to $1million and what that means for the operator for more expensive tools. Strictly covers the replacement of the tool only.

1:03:10 – DG: Reads question about hole cleaning and drilling procedures being considered when looking at risks.
CW: Transpac tries to get as much data as possible but because you are not there, you can’t tell them what to do at the end of the day.

1:08:40 – DG: Reads comment about longer open holes being possible due to use of MPD. Discussion follows.

1:11:15 – DG: Reads question about geothermal and HTHP wells. Discussion follows that they do insure geothermal tools, but the money is usually coming from an agency or government.

1:16:10 - CW: Reiterates the fact that they wrote this program, and they are the only ones who offer this insurance.

1:18:27 – DG: Reads question about insuring the independent operators vs the majors.
CW: Responds that they do both.

1:22:00 – DG: Asks if the guest has anything else to add.
CW: Transpac would love to talk to anyone about this more so feel free to give them a call with questions.