Oil Search fails to hit gas at Hides well in Papua New Guinea

[Stavros]

Drivel in the article:

"However, success on Hides Deep would have meant two years of appraisal drilling so was not in line as a gas source for the first expansion phase, an Oil Search spokesperson told The Sydney Morning Herald."

"We are still pretty confident that gas options will de-risk over 2015," RBC Capital Markets analyst Andrew Williams said.
"Does this make it harder incrementally? Yes, but there are still other options out there.”

WHAT OTHER OPTIONS ARE THERE THAT CAN TAKE TWO YEARS OR LESS TO PROVE UP???
Not P'nyang!
I know of only one Messers Botten/Tillerson.

[Palm]

IOC used to get accused of moving the goal posts. Looks like it's a common part of the "game".

"Well our first string QB is amazing and will carry us to the championship."

"Well our first stringer is going to rehab and we knew he had some problems all along. No surprise he crapped out. Now we are sure our second stringer was the right guy all along."

[Stavros]

Who's your Johnny Manziel, Mr. Botten?

Brian Hoyer on Johnny Manziel: It Takes a Big Person to Check into Rehab
http://ftw.usatoday.com/2015/03/brian-ho...into-rehab

Former first stringer gone.
New one dragged in to mentor the miscreant.

[sydbod]

  ” WHAT OTHER OPTIONS ARE THERE THAT CAN TAKE TWO YEARS OR LESS TO PROVE UP??? Not P'nyang! I know of only one Messers Botten/Tillerson.

Would that by chance be  "Juha" (within the PNGLNG group of unused resources), or even "Juha North" (that is not yet part of the PNGLNG group of resources) or maybe even some of the other group of smaller gas fields  that are scattered around in the vicinity like "SE Gobe" or "Barikewa" area ?

[Stavros]

Sure Syd

Perhaps they can bottle up the gas they find and heli-transport it to PNG LNG instead of building the $3+ Billion dollar pipeline circuit to connect it all.

After all, that's what IOC did to make it look like they have a lot of gas in Antelope.

Santos, with no stake in PRL15, is hurting compared to OSH

[sydbod]

Stavros, I agree that sources of gas for PNGLNG train expansion is becoming more limited.
I do not agree that there are currently NO other options other than IOC gas that can be developed and used for the expansion. We just don't know how much real gas is out there (to be proved up) and exactly what future direction the PNGLNG partners plan to take.

Totally agree that Santos is hurting. Glad I got out of most of my oil stock when I did ... (funnily enough) although I thought I got out of Santos, there were still 200 of those little suckers hiding in one of my accounts that I did not notice and thus did not liquidate. Oh well ..... I am currently losing $49.98c on that batch so it should not hurt too much.

[Palm]

No they don't Syd (know how much real gas is out there) but the problem is (starting with P'nyang) the prospects appear to be more remote and smaller. As the one article pointed out, the hope with Hides Deep was that it would provide an inexpensive expansion option. With that gone it gets harder to get what they were shooting for; get a marginally higher return for investors on the future train(s).

IOC doesn't have the ONLY option for PNG LNG expansion, but it has to be looking better to PNG LNG partners including the government.

[jft310]

Even GCA says there is 7.1 T's at E/A . And we now 100 percent know that's a low number .
It's interesting , wonder who wants our gas more???

[Palm]

We know 100%?

[jft310]

Ant 5 results prove a higher column than expected and we have a formation further west. What the increase is totally unknown today but the asset size is larger using any model pre drill . Source the press releases from IOC and OSH ,