re: epr now up to ......$$$ Otway targeted for new gas regionWhy...

re: epr now up to ......$$$ Otway targeted for new gas region




Why do they want them??.........



The race for oil and gas discoveries in the waters off Victoria's coastline is about to take off according to Essential Petroleum Resources, with over $120 million to be spent on exploration over the next few months.

"The two mainstays of gas supply to the eastern states - Bass Strait gas from the Gippsland Basin and the Cooper Basin – are fast depleting after decades of production.

"By contrast, the Otway Basin is still lightly explored, and has already produced some major discoveries. It's three times the area of the Gippsland Basin and rich with structures and petroleum systems. It's no surprise there is an expectation in the industry that whoever makes the next big discovery is going to be in the box seat."

Santos is drilling the Callister-1 and Amrit-1 wells in permits adjacent to and immediately east of Essential Petroleum permits VIC/P46 and VIC/P50 respectively.

Amrit-1 is a wildcat beyond the edge of Australia's continental shelf in more than 1000m of water, with potentially huge rewards if hydrocarbons are found. Santos is targeting a prospect with a potential to host more than 700 million barrels of oil, with a gross value of more than $40 billion at today's oil prices.



#In case you missed that.....Amrit-1 potential gross value of more than $40 BILLION.

Good trading
M2u