Cooper Energy boss to use power wisely, page-7

mate they have a new GSA to sign-up as the 12 year contract from Casino-Henry ends in Jan'18. So there's a bit of commercials to sort out by the time the rig arrives. Reservoir at Casino is the Waare Sandstone which has been good. Original GSA was for 420 PJ for 12 yrs from Feb06 to Jan'18.

Pls note that the JV thinktank thought Casino was Non-comm after the first 2 wells in 2001-02. All changed when in 2005, C#4 & C#5 were drilled & flowtested at 47 & 43 MMcfd on a 1" choke & then they discovered H#1 nearby. So 3 wells on the trot prompted them to reassess the Commercial side of these discoveries offshore Port Campbell leading to first gas in Feb2006.

In 2018 with higher gas prices in my view the current JV should be able to prioritise drilling of H#3 to offset any gas shortfall & capture that side of the mkt by piping the gas to Iona plant. AWE are the other JV partner for Henry, so I hope they get H#3 drilled.

Sole should b a no-brainer. I will take 20+MMcfd flow any day, as the porosity is too good (30%) & the sand is practically 'clean' so should flow like a whistle.

Sole#2 was drilled on the crest, unlike Shell's S#1 find, and had 69m net pay from 71m gross in the La Trobe formation. It flowed 20 MMcfd from a 2 inch choke from depth of 771-785m interval.

What I'd like to see is COE's plan for their 2 wells, as in drill vertical or kick off a high angle well to capture max 'gas-pay' on the crest.

Cooper should farmout Manta, from a risk perspective. Question is who will get onboard ? I dont see Origin, Beach & STO & am unsure about AWE, Tamarind, Mitsui or any others. Which leaves us with 7 !!

They'd want their Longtom#5 well drilled at some point & COE has a deal with APA to process gas from Sole at Orbost plant. So perhaps a bit of give & take and u get a JV for Manta. Hope Maxi can lock in a deal while the semi-sub is still around instead of putting this on the back burner for the next decade.

LT has been offline for quite sometime & the electrical glitch has been sorted out. So 7 will b itching to get some cash flow back up from Longtom or a nearby 'producing' asset. Anyways will have to track how the dynamics work out.  

Hope this helps.