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it is deppended time of tripping-rate of peneteratin-rate per minute driling-cost of rig and cost of bit.
I agree with Mr. Malik answer
Work in progress in always calculated on the %age of completion, it cannot be associated with time. Holding level is in terms of construction, loans are granted on some critieria, for example,40% on Base level, the2nd instalment will be on hold, unless the base is completed,20% on Walls before the construction of Roof and like that.
Cost of production