05-06-2017, 02:43 PM
'Palm' pid='80168' datel Wrote:This paragraph was in the OSH 2016 YE report filed in February. It supports what Lil is saying I believe. "Following a full technical assessment of the results to date, our estimate of 2C gross contingent resources in the Elk-Antelope fields has increased from 5.3 tcf of raw gas to 6.45 tcf of dry gas and 57.4 mmbbl of condensate (equivalent to 6.53 tcf of raw gas). This has resulted in the addition of 253.9 bcf of gas and 13.1 mmbbl of condensate to our net 2C contingent resource estimate for the fields. During 2016, in accordance with the Sale and Purchase Agreement between Oil Search and the sellers of the PAC LNG Group of Companies (PAC sellers), an independent certification of the Elk-Antelope fields was completed by two world-class certifiers, Gaffney Cline & Associates (GCA) and NSAI. GCA and NSAI utilised a full set of available data, up to and including the results from the Antelope 5 long term test and the Antelope 6 appraisal well (but excluding Antelope 7). NSAI’s estimate of 2C contingent resources is 6.06 tcf of raw gas and GCA’s estimate is 6.88 tcf. The average 1C (proven contingent) and 2C (proven and probable contingent) resource of the two certifiers is 5.17 tcf and 6.43 tcf of raw gas, respectively, similar to Oil Search’s estimates. As the average certified 2C resource is less than 7.0 tcf, Oil Search was not required to make an additional payment to the PAC sellers at this stage."
The critical point is the non election of a horizontal well. The intent of the acquisition party - collusion was that a definitive measure recognized by industry peers was not definitive in Shareholder CVR was plantiively demestreated.