I note the following in ESG's Half Yearly on Friday about the OIP farm-in campaign: “An ESG internal estimate indicates that the prospects to be investigated as part of the first stage of the farm-in could contain a high-side prospective gas resource of 3,500 PJs.” Previously releases have said that the leases overall may contain 3,500 PJ ..now it says just the prospects being targeted in the 3 well farm-in.
This gives us some idea of the size of the two prospects around Moree of which Moree-4 in PEL 427 is testing the Coreena-Moree prospect and the remainder being the much larger Moolayember prospect in adjacent PEL 6 (these two prospects appear to overlap, perhaps they are targeting differenent horizons of the same structure?). The only other prospects defined in OIP and ESG releases are 3 Maules Creek" prospects of more modest size. And the second well of 3 is being drilled at Kurrabooma in PEL 428 where no prospect is defined .. this looks very much to me like a "step out" well to define the western edge of the target formations and coal seams. The third well is in PEL .. so most likley will taget the Moolayember prospect.
So .. the two large "Moree" located prospects must contain the bulk of the estimated 3,500 PJ. That's big .. bigger than Dewhurst by a long-shot.
This adds to the "implications" of success at Moree-4!! I like it.
H
OIP Price at posting:
12.5¢ Sentiment: LT Buy Disclosure: Held
