In the past estimating drilling performance or project performance for well engineering projects has been carried out in a combination of ways such as accounting for time based events that eventually result in costs or financial relationships. It is rather unfortunate, but the requirement within the industry still remains the quantification of projects and project costs as a function of cost or financial exposure. In most cases the situation is one of which inherent peculiarities within the project, though not man-made, are somewhat relegated to the background during project evaluation. Frequently this is due to the inability of project teams to quantify the parameters required to adequately establish key contributory factors responsible for overall project performance. In this paper I have tried to postulate a rather straight-forward method of establishing performance metrics without so much as deriving complex equations an engineer may find highly impossible or cumbersome to fully regularize to provide any meaningful relationship from one well to the other. The relationship model developed tries to relate both operational and financial efficiencies as a project/well specific performance factor referred to as TPI, i.e. the "Technical Performance Index". The TPI is specific to each well and a regional average provides an indication for overall performance. This paper does not consider completion operations or any operation related to well testing or workover operations at this moment but focuses primarilly on dry-hole operations up until the well is programmed for completions.