re: Ann: MOG: Completion of Farmout to Oil Ba...
Hello all, Still here and holding. Been quite a while since posting though and don’t get a lot of opportunity. From what I’ve read, there hasn’t been a lot to add really as iona , footy, cudeco1, new regime and boysy seem to have it covered. Sorry if I’ve missed out anyone. We know Neil has pulled the pin on evaluating BR1 due to the impending early wet. Guess that may also rule out further work on the shale gas prospect 5/07-8EP as well though it is hoped they would at least be continuing negotiations with the KLC with a view to a favourable outcome. R3 Cyrano would also be subject to cyclone and with their remaining funds, 100% interest or not they will certainly need to enlist the assistance of a farmin partner. That leaves Bass Strait and it is my guess that with their increased interest (5%) recently gained from Moby, they may try and further enhance their chances of a farmin deal in that area. Now, Vic/ P41 is just to the east of Kipper and on trend with some exciting identified leads for discoveries in O&G; and it just so happens that BHP announced in their Annual Report their intention to further expand their interests in the Kipper and Turrum fields. BHP has 32.5% in Kipper with Esso and Santos owning the remaining 67.5%. This expansion should generate more interest in that area and could encourage CNOOC to take a more positive stance as “first mover” in Vic/ P41. Interesting is the information on page 13 of BHP’s report. From memory (please correct me if wrong).It says under the heading of Ownership BHP Billiton 50% Esso Australia (Exxon Mobil subsidiary) 50% Oil Basins Ltd 2.5% royalty interest in 19 production licences This is of course to do with the Turrum field which is further to west of the Kipper and Vic/P41. Now, unless it is a misprint which I doubt, I wasn’t aware of that and could be promising from a funding standpoint. Was anyone else? All the best to all.
OBL Price at posting:
2.2¢ Sentiment: Hold Disclosure: Held
