“Central has a 100% interest in Retention Licences 3 and 4 which has a Commitment Well which must be drilled by 6 March next year (see page 242 of Scheme Booklet for Ooraminna’s prospectivity) for which capital will need to be raised. This timeframe has already been deferred from the original deadline. Given the east coast gas shortage and the imminent commissioning of the NGP with spare capacity there is a clear risk that another deferral of this commitment would not be granted again by the NT Government. To avoid the commitment Central could hand back the licences with adverse consequences to the value of Central.”
Simple Sailor’s View of things….
Regardless of any side deals on a moratorium, the best thing we can do with Ooraminna to guarantee our tenure is to just drill a well as soon as possible to the deadline to avoid a real mess if we lost Ooraminna (To MAC).
So it looks like they have gone for the cheapest alternative to simply get it out of the way financing it by lumping it in with the Mereenie capital raising.… “Ooraminna is a vertical well located to intersect naturally occurring fractures in a more crestal location.” Need to check this one but they can probably put a packer & a bit of concrete in & do a re-entry & deviation later?
IMO it is not worth spending a whole lot of time & energy being distracted by it when our main objective is to “Just ill the NGP1 pipe”.
Repeating my previous comments after the webinar and from a lot of background research I have done (The grapevine in this industry is unbelievable!) my personal opinion is that we can all stop worrying about CTP’s ability to supply & process the round 60TJ needed to fill NGP1.
All the best
OGP
Have included a "Pinball Diagram" (because it looks like a pinball machine), so new posters can visualise the wider picture on upgrading our pathway to market.
CTP Price at posting:
8.7¢ Sentiment: Hold Disclosure: Held
