I posted the following on the MMR thread; however, as you and others here may be interested I decided to post here also.
Ref: ASX-MMR
In the 28/11/2016 New Chairman’s Update you can read confirmation that the 2010 decision on the best place to drill over PEP-11 was based on 2D seismic data.
In my previous posts I point out that even back in 2010 4D seismic techniques where in regular use by many exploration companies. I no longer hold shares in the group of companies associated with PEP-11 and at the risk of upsetting shareholders that don’t like none holders making comments.
I feel you as shareholders would have every legitimate right to ask that before another $20-$30 million dollars are spent on drilling; that a seismic survey using the latest available technology be completed. Because with respect if there is a gas resource of the size claimed by people like David Breeze it will then be found as will the best place to place a future drill bit!
The difference in cost between outdated seismic methods and the latest technology is at best negligible and given the way and speed that new technology is advanced I dare say a 2017 survey will be little more cost than one in 2010.
Please read the article linked below as it would appear to me that if you guys are true believers in the PEP-11 resource riches; then the discovery and exploitation of a valuable clean fuel resource so close to the NSW markets and infrastructure would be an excellent place to start planning for the future.
“Coal station closures inevitable, start planning: Labor and Greens”
I make no apologies for my comments as a previous but no longer investor; however, I do hope you guys are correct as I would sincerely like to see the birth of a new industry in NSW and the good paying jobs it would provide. Particularly if these power drunken idiots are so intent on making thousands of people involved in the coal industry redundant.
Sometime back I moved out of Oil and Gas exploration and moved to the search for and production of precious metals mainly Gold and Silver and so far it has been far more rewarding but just my opinion.
Sincerely; good luck with it all and very best regards: Andy
BPH Price at posting:
0.6¢ Sentiment: Sell Disclosure: Not Held
