Question-and-Answer Session
Operator
(Operator Instructions). And your first question comes from the line of Robert Kessler with Simmons & Company. Please proceed.
Robert Kessler - Simmons & Company International
Good morning, gentleman. I wanted to see if you could provide some more color on BM-S-22, particularly the second well, where you are in terms of the current drilling depth relative to the target depth? And then if in fact you are targeting a second structure with that well, rather than further deionization of the first structure?
John Hess
Yeah, thanks for the question. Let me just first, after a few contextual comments about Brazil, just put it on perspective. I think, I always want to remind people, the size of the blocks that we are trying to evaluate down there is half the size of Rhode Island. And we do have one well that we saw hydrocarbons which is a positive sign, because that's better than no hydrocarbons in the well.
We are on our second well, we are about 80% of the way to TD and we are currently in salt. So I think the punch line is, it's still very, very early days for Brazil.
Robert Kessler - Simmons & Company International
Great. Thanks for that. And then a quick follow-up, with regard to the plan of the evaluation. When you expect approval to be received from the ANT for that plan of evaluation. And based on that, would you expect to move straight to a third well after the second one completes?
John Hess
Can't really comment too much on that, the operator is currently working with the Brazilin authorities now to on the evaluation plan as we speak.
Robert Kessler - Simmons & Company International
Okay. Thank you.
Operator
Your next question comes from the line of Erik Mielke with Merrill Lynch. Please proceed.
Erik Mielke - Merrill Lynch
Yeah, good morning. John, I was a little bit puzzled by something you mentioned in your prepared remarks. You may have used this phrase before, I certainly haven't come across it in your quarterly conference calls. You talked about accessing equity markets. Given your bond issue at the beginning of this quarter I thought your cash position and balance sheet was, relatively robust which means you wouldn't need to access further capital.
Should I think of this more in terms of new development opportunities, rather than just putting bank quotations, issuance rather than lower wells environment necessitating further finance?
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