gas discoveries at moby and judith

Now that Moby has been declared a gas discovery and plans are being made for drilling of appraisal well attention will move to the other Judith discovery in VicP47. Interestingly Moby was a 9 day well but it took around 14 days to drill - BAS will have to pay dearly for the cost overrun as Moby was capped at $3.75m. I would envsiage the well costs to be more like $6m, which would suggest BAS paying a substantial proportion of the costs. A pretty good effort by Moby to get 35% for $3.75m of a circa 70bcf gas field!

Apache should drill Longtom next month which if successful will prove the producibility of the tight Emperor gas play and the Judith discovery in VicP47.

The current re-drill of Baleen gas field a couple of kilometres west of Moby, due to water cut, indicates how keen the Patricia/Baleen operators OMV and Santos will be to rapidly tie in new local gas discoveries. The 66bcf of original gas at PB is already nearing its field life and the facilities will not go under-utilised. I would envisage Moby could be a gas producer in a couple of years!

Moby will have gone from micro-minnow junior explorer to holding 35% of two significant gas fields in a matter of months.