Patent ID: 7347289

Claim:
A by-pass tool for incorporation in drillstring to provide a large bore throughflow passage for drillstring fluids and to permit retrieval of large objects downhole, when the tool is in an inactive drilling mode, and in which the tool is capable of being activated, upon launching of an activation dart from the surface, to an active mode in which drillstring fluids can be diverted to a by-pass port, and in which the tool comprises: a casing defining a large bore throughflow passage; the by-pass port for diverting drillstring fluids when the tool is in the active mode; and, an axially displacable member mounted for slidable movement within the casing between blocking and release positions with respect to the by-pass port, said member being movable to the release position upon activation of the tool by the dart; in which the tool is capable of reverting to its inactive mode by return movement of the dart; the tool further comprising a latch mechanism arranged to maintain the tool in its inactive drilling mode by restraining the axially displaceable member against movement from its blocking position, said latch mechanism being unlatched upon activation of the tool by the dart, wherein the latch mechanism includes a laterally deformable collet which engages with a top sub-sleeve in the blocking position of the axially displaceable member, and which is allowed to move laterally outwardly, to allow the axially displaceable member to move to the release position upon engagement of the dart with the laterally deformable collet.