In overbalanced drillng (OBD), a mud weight is selected that provides a hydrostatic pressure of 200 to 1,000 psi above the reservoir pressure. In UBD, we select a fluid that provides a hydrostatic pressure of around 200 psi below the initial reservoir pressure. This provides a good starting point for the selection of a fluid system. During the feasibility study, this drawdown is normally further refined, depending on the expected reservoir inflow and other drilling parameters. This first look provides an indication if the fluid should be foam or gasified or if the well is drilling with a single-phase fluid (Figure 1).