Dear all, I think that the market ran out of steam yesterday, that is a given. Over the coming few weeks, I understand that OIP and ESG will make announcements in relation to their JV leases. The report for quarter ending 30Jun09 is due by the end of this month (i.e. within 8 days) and I would expect it to make reference to the core analysis as mentioned in the previous quarterly report, which I have quoted below:
"The Moree-4 corehole in PEL 427 was spudded on 8 March 2009. A total of 128 m of core was recovered over the Early Cretaceous-aged Coreena Member and within that cored interval approximately 5 m of coal with visible gas was reported. McDermott Rig 27 drilled to a total depth of 495 m, whereupon wireline logs were acquired and a drill stem test was carried out, but no gas flow was detected. Core analysis and coal gas desorption will be carried out to determine the reservoir properties and gas saturation of the coal....." "Kurrabooma-1 was spudded on 3 April and it reached its total depth of 439 m on 17 April. A total of 156 m of core was recovered, and together with the wireline logs, approximately 5 m of coal was assessed to have been encountered. As with Moree-4, core analysis and coal gas desorption will be carried out to determine the reservoir properties and gas saturation of the coal in Kurrabooma-1."
OIP Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
