Misfit 1 posted this elsewhere. Worth reading.
An Introduction to Drilling Offshore Oil Wells
http://www.treesfullofmoney.com/?p=1610
It might seem pretty basic to those involved in the Oil and Gas industry but the article at the link above will help serve as a good introduction for investors who are here on the recommendation of those in the Oil and Gas industry. Reading through the article will help you to assess where the different risk points lie at each step of the process. You will also get a handle on the lingo thrown around this board as well.
Enjoy! M1.