The breakout will only happen on one of two things. First and most likley is an announcement that drilling will soon start in PEL 6. To date OIP has said a number of times this would be 3Q ... and they have not changed this .. so unless advised otherwise by them we can expect that within weeks. The other thing is less likley ... a takeover play in the CSG sector (STO, AOE, BOW, ESG most likley ones) that will flow though to OIP.
The ESG rig that was used for the last OIP well at Kurrabooma is the McDermott #27 which is currently drilling the Tintsfiled well in PEL 238. So once they are finished there they may move on to do the PEL 6 drilling .. although that's not certain as there are still several large prospects in the north of PEL that are on ESG's list to drill in the reserves appraisal program (including Turrawan and one at Wilga Park). It will depend then on priorities.
H
OIP Price at posting:
13.5¢ Sentiment: LT Buy Disclosure: Held
