With 20TCF in the ground why wouldn't they.
Hopefully they will keep the 100%-owned highly
prospective 2400 sq km northern Cooper Basin block PEL 570 all for themselves and NOT sell a % to the likes of Senex.
The cost of the seismic and 1 well that they would have had to do in PEL 113 Zulu would have cost around $3-4m......so much better using that to drilling a well in PEL 570.
The recent performance of Santos’ Moomba 191 discovery for me reduced the risk factor in PEL 570 and I personally would like to go it alone on in the permit.
We have cash in the bank and $11m hopefully converted from the options in Nov 2013.
This enough to drill a couple of well and totally transform Ambassador as a company. And capitol raise when the share price is much higher to $1 than it is now.
I've been adding to my position when I can, for someone that didn't like shale gas and unconventional gas potential due to low flow rate and extensive drilling. I'm loving the prospect of shale gas and unconventional gas at CONVENTIONAL flow rates.
Thoughts?
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