a) Calculate the drilling cost in terms of $/ft resulted from this bit run. Bit cost: $10,000 Equipment (stabilizer): $1000 Mud: $30,000 Drilling time: 30 hr (one bit life) Trip time: 8 hr Lost time due to measurement after each trip: 0.2 hr Rig cost: $1000/hr Logistic support cost: $100/hr Equipment rental (drill collars): $50/hr Penetration rate: 50 ft/hr b) The drilling mud specialist suggests that %20 increments in the penetration rate and %10 increments in the bit life are possible using the same bit if synthetie based drilling mud costing $10,000 more is selected. Your company plans to drill another development well in the same prospect. As an assigned drilling engineer for the project, evaluate this offer and make a decision whether to accept this offer or not.