Interested to read the Annual report to shareholders, especially page 12 where they talk about the prospectivity of WA- 387-P. Its North West from Rankin and its primary gas targets are the same reservoirs that produce at Wheatstone. Given the looming backfill problems facing both NWS and Pluto, I thought the comment about 'Octanex are seeking farm out interest from Exploration and speculative seismic companies to join with it to carry out 2D seismic and further studies' to be interesting. Do WPL wait to see if OXX drop the permit and then compete to pick it up or do they do a deal to farm in? Trouble is the clock is ticking for WPL (big time). Hopefully they will sign up, it will be just the kicker OXX need to generate some interest.
The rest of the report makes interesting reading, the build price of Ophir has collapsed and meant much less debt for the JV. With first oil late 2017 and the first 3 qtrs costs mostly covered, it really is set up with a good chance to make a quid. The last ctg were snapped up today so I suspect a rerate might be not too far away. I'll qualify this though by saying that OXX have kicked me in the a enough times though for me not to be overly optimistic. GLTA.
