Certainly more information needs to be disclosed to the market regarding the continuation of farm in agreements from epr's perspective, if they are to be taken seriously by the market.
Why would such negotiations continue ?
''Failing to detect Significant hydrocarbons'' from an adversarial operator's legal determination is very interpretative at best, and downright misleading at worst.
BPT have taken the legal risk on the anns wording knowing full well that epr would not be in a financial situation to contest,,,given that they are already in cash default.
If the data withheld shows a reserve and or a depleted/migrated system, it has significant ramifications in p46, p50 and ultimately epr's success.
Remember...Beach demanded p46 3D seismics, which cost epr dearly.
They were fully carried up to that point in time...
Yet the first exploration hole drilled in p46, namely FERMAT... WAS NEVER 3D'd !!
All of that expensive 3D seismic stuff,,,,and 2D'd fermat gets drilled first ????
Punters,,,this is hard nosed big business.
EPR have been pushed and shoved on P46.
This is why imo , the farm in negotiations continue.
EG. if adjudicated, 100 bcf , could be legally described a an insignificant detection as easily as any number you wish to postulate under the current default situation.
Even higher numbers could easily be considered insignificant...even non commercial given enough court time.
I am not yet in a position to do any more than suggest that any such figures have been detected.
We will all have to wait until the departmental figures become public domain.
The fact that bpt and epr, are adversarially compromised at this point in time, with regards to the disinformation, misinformation and lack of information that is thrown around on furums, is reason enough to suggest that there is more to this than the ''one liner'' posts that appear here at the moment.
BPT have been as ''hard worded'' with their information as their legal advisers would have approved.
We knew from the outset that this hole was always to be drilled as AN EXPLORITORY P&A
EPA rulings demanded it, based on the fact that production infrastructure was not a consideration in this drill.
We have been told by bpt that no ''significant'' hydrocarbons were detected.
Significant to what ?
Commercialisation of Fermat-1...Yes..and that's all the info you get...IT WAS AN EXPLORITORY P&A DRILL FROM THE OUTSET !.....give em nothing...take em nowhere.
So why has there been no reference to commercialisation ?
Because it's non commercial I hear you say ?
Then why did they omit form the announcement that it was non commercial ?
Because this is legally expressed and implied in ''EXPLORITORY''
No mention at all?
Nothing to suggest commercial or non commercial future of p46.
Strange !?? I thought Femat was an exploratory well for p46 as well as Fermat !
Information has been therefore withheld QED.
But is a little co like epr in a position to contest ?
BPT's legal department will have the numbers on that.
Does epr continue to negotiate farm in ?
You bet !
They know that the only expedient way to get hold of the (as stated by bpt in public anns's) the actual commercial in confidence numbers on detected hydrocarbons and it's commercial bearing upon p46 and p50,,,,is to call BPT'S hand to find out if they are holding a good cards.
They will pay up for the ''cards in play'' but get to stay in the game.
The following events must not be overlooked;
If bpt had have announced with concise commercial/noncommercial references, then why did they spend another $4 million dollars on site after logs were read ?
Logging something purported to be of no potential would have been determined on Wednesday Jan 7 09.
It has been implied that as a result of no significant hydrocarbons being detected, that the well was P&A'd.
Yet this was always going to be the case.
Look at BPT announcements on drills that are not adversarial dusters and you get the picture.
They are clearly non commercial dusters.
This one is still smoke screened, and BPT have called the shots since the day EPR farmed out to BPT.
Time is of the essence...bluffs to be called..imo..dyor..but watch out for the one line posts from certain nics...you work em out...I have...
EPR Price at posting:
0.8¢ Sentiment: None Disclosure: Held
