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Ann: STX Acquires Interest in Highly Attractive Perth Basin Block, page-25

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psi81

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29/03/18

10:12

Post #: 32109760
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Originally posted by Al99 ↑

No, that is incorrect.

Warrego has been trying to farm-out this well for a number of years (+/- 5 years) and they were originally focussed on the deep gas section. The seismic farm-in was done (by 2 dutch Co's I recall) and the 3D shot, but the companies walked away because of the slow progress and lack of positive results. They were targetting the gas sequence. When the permit reverted to 100% the group reinvigorated the work and started focussing on the shallow section as it was a cheaper option and the well commitment was looming. They were also short of cash themselves.

This block has been around for yonks. Not much has changed with the exception of Waitsia and the well control is poor, so there are no regional guarantees.

Interestingly, Lattice and AWE are focussing their new efforts further south of Warrego, where they are looking to shoot a 3D survey in EP 413 but adjacent to EPA 98 and 82.

It would also worry me a tad that this diversification into WA is a hedge against the Southern Cooper project.

Not a holder, but I have been in the past.

AL

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I'm not familiar with the Perth Basin's prospectivity fairway, but is it fair to say that if AWE and Origin/Beach have consistently passed on this block despite Warrego trying to farm it out for 5 years, and focusing their attention elsewhere in the basin, they don't see that this block is in the fairway?

STX Price at posting: 7.4¢ Sentiment: None Disclosure: Held
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Ann: STX Acquires Interest in Highly Attractive Perth Basin Block, page-25

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