***The following should be considered as a hypothetical***
It would be reasonable to suggest that much goes on behind the the scenes that only the woody davo jr crew would be privy to.
We all know that there are fairway relationships between the ew discovery, it's on shore pep and surrounding environs,,and p46/p50.
So why was ew never trued up reserve wise.
Why does a probable 8bcf gas find with lots of liquid hc sitting on the bottom, get announced as a trued up 1.6bcf dry gas discovery with lots of fuzzy numbers hanging off of it.
Why has it been announced so understated and ill defined ?
Why was so much effort put into reporting in the warrnambool rags etc the significance of these relationships....followed by the subsequent disappointing PUBLIC anns.
Nothing in that area produces flow rates and pressures similar to those at ew without being a true reserve of at least 8 bcf.
Why isn't it plugged into the grid and flowing cash for ALL share holders now ?
If it's sold as an in ground resource, do we get paid for anything more than 1.6bcf ?
Who gets the benefit from anything over and above that ?
Why was an offer to work over and true up the reserve turned down by EPR when the drilling rig was over the hole and prepared to do it at a cheaper price and in a much more efficient and timely manner than that which eventually transpired.
The geos must have known why.
I reckon the other rag tag bunch were brought in to work it over,,, worked something over,,,then EPR thew some smoke at the relationship between the significance of a good gas and condensate find, and the manner in which fermat needed to be arranged in a way that maximises returns for someone.
By doing a sub standard job,,,and there can be no denying of this,,,(look at their announcement)... a publicly perceived fairway relationship is mind set at much lower probability than may be the actual case.
By throwing punters off the scent, money is made.
So is a perception of incompetence in order, or do you go with the businessman's model ??
This is too close to the business end for epr to stuff up farm in numbers....looks more likely to me that a few fat cats intend to get fatter at retail holders expense (farm in wise ).....for our own good....of course !
EPR Price at posting:
3.1¢ Sentiment: Buy Disclosure: Held
