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Oil Search, the Australian-listed company with a stake in Papua New Guinea LNG and in feed-gas resources for a second project, said analysts were finalizing a resources review and indications are they have increased “significantly” from the initial certification seven years ago.
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Not us see middle paragragh
PNG LNG Project infrastructure, to support potential LNG expansion, if appraisal activities are successful. The Muruk well result has also high-graded the structural trend immediately adjacent to the Muruk structure, highlighting the potential for further upside in the area.
Netherland Sewell and Associates, Inc (NSAI) is now close to completing a review of the Hides, Angore, Juha and Associated Gas fields. Preliminary indications show a material increase in NSAI’s estimate of technically recoverable raw gas resources within these fields, when compared to their PNG LNG Project gas resources certification in 2009.
Work is underway to assess how this would impact reserves (sales gas), which allows for production, shrinkage, fuel/flare and economic limit/turndown. Updated reserves will be reported in our Reserves and Resources Statement which will be released together with the 2016 full year results in February 2017. The Statement will also include our revised estimate of resources within the Elk-Antelope fields following recent drilling.
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Further down their report page 4
PRL 15 (Elk-Antelope) licence extension granted
“In December, the PRL 15 Joint Venture received the formal grant of a five-year extension of the Petroleum Retention Licence, with terms consistent with the extension application. The licence conditions provide the PNG Government and the PRL 15 Joint Venture with a clear pathway and timeframe to development of the Elk-Antelope fields.
In November, the Antelope 7 appraisal well was spudded, with the objective of providing additional definition of the western flank of the field, currently poorly defined by existing seismic data. The well reached a depth of 2,127 metres before encountering drilling difficulties in the Orubadi Formation. To date, no carbonate reservoir has been encountered in this well, which is in line with Oil Search’s pre-drill expectations. A sidetrack is currently being drilled, so that this area of the field and deeper potential reservoir objectives can be fully appraised.”
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What's happening with Oil Search raising estimates is what most likeky will happen to Interoil's acreage . Thus smart money will dissent .
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'jft310' pid='79135' datel Wrote:What's happening with Oil Search raising estimates is what most likeky will happen to Interoil's acreage . Thus smart money will dissent .
JFT - Good evening to you . As I was about to go into my nap this afternoon,I put my 'thinking cap' on again.....I know,gets me into trouble ! Ha,ha. But.....I still can't wrap my head around the OSH announcement about the Muruk well . I know other fine bms have commented on it,but now the news artcle just YELLS at me.
If the Muruk well (2 tcfs) is valued at $14 billion,and A/E at 7-8 tcfs (minimum). $4 billion....[ with Exxon willing to pay crp up to 11 tcs ] ,why are so many willing to accept such a low-ball offer? Maybe they just want to give up and go away .( Sorry if I am just "beating a dead horse" . Thanks to you & all for letting me 'vent' a little this evening . Now I'll go have my scotch and water. ....The heart doc said I could have 2 per evening ![<img src=]( "Rolleyes") " border="0" class="smilie" src="http://shareholdersunite.com/mybb/images/smilies/rolleyes.gif" />.
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We love you and your comments
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'jft310' pid='79273' datel Wrote:We love you and your comments
Aw.shucks ....as I hang my head low ![<img src=]( "Tongue") " border="0" class="smilie" src="http://shareholdersunite.com/mybb/images/smilies/tongue.gif" /> . [ You're more than okay in my book !! ] .
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'sageo' pid='79270' datel Wrote:
'jft310' pid='79135' datel Wrote:What's happening with Oil Search raising estimates is what most likeky will happen to Interoil's acreage . Thus smart money will dissent .
JFT - Good evening to you . As I was about to go into my nap this afternoon,I put my 'thinking cap' on again.....I know,gets me into trouble ! Ha,ha. But.....I still can't wrap my head around the OSH announcement about the Muruk well . I know other fine bms have commented on it,but now the news artcle just YELLS at me.
If the Muruk well (2 tcfs) is valued at $14 billion,and A/E at 7-8 tcfs (minimum). $4 billion....[ with Exxon willing to pay crp up to 11 tcs ] ,why are so many willing to accept such a low-ball offer? Maybe they just want to give up and go away .( Sorry if I am just "beating a dead horse" . Thanks to you & all for letting me 'vent' a little this evening . Now I'll go have my scotch and water. ....The heart doc said I could have 2 per evening ![<img src=]( "Rolleyes") " border="0" class="smilie" src="http://shareholdersunite.com/mybb/images/smilies/rolleyes.gif" />.
Sageo - part of that large gap in $'s is simply explained from Economics 101. You are looking at two totally different valuations as they are "retail" and "wholesale" numbers. OSH's number for their Muruk discovery is based on what they will be selling ther gas at the retail level (~$7.50 - $8 MMBtu) while the acquiring company, XOM, is offering a wholesale price (~$0.40 - $0.70 MMBtu). It's how businesses make a profit. Buy material at a low cost, provide value added parts and labor, sell finished goods at a higher price.
Now you can argue that the ~$0.40 - $0.70 MMBtu has offered is totally unfair but that is a different situation than comparing the retail and wholesale values.
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'bdahl385' pid='79283' datel Wrote:
'sageo' pid='79270' datel Wrote:
'jft310' pid='79135' datel Wrote:What's happening with Oil Search raising estimates is what most likeky will happen to Interoil's acreage . Thus smart money will dissent .
JFT - Good evening to you . As I was about to go into my nap this afternoon,I put my 'thinking cap' on again.....I know,gets me into trouble ! Ha,ha. But.....I still can't wrap my head around the OSH announcement about the Muruk well . I know other fine bms have commented on it,but now the news artcle just YELLS at me.
If the Muruk well (2 tcfs) is valued at $14 billion,and A/E at 7-8 tcfs (minimum). $4 billion....[ with Exxon willing to pay crp up to 11 tcs ] ,why are so many willing to accept such a low-ball offer? Maybe they just want to give up and go away .( Sorry if I am just "beating a dead horse" . Thanks to you & all for letting me 'vent' a little this evening . Now I'll go have my scotch and water. ....The heart doc said I could have 2 per evening ![<img src=]( "Rolleyes") " border="0" class="smilie" src="http://shareholdersunite.com/mybb/images/smilies/rolleyes.gif" />.
Sageo - part of that large gap in $'s is simply explained from Economics 101. You are looking at two totally different valuations as they are "retail" and "wholesale" numbers. OSH's number for their Muruk discovery is based on what they will be selling ther gas at the retail level (~$7.50 - $8 MMBtu) while the acquiring company, XOM, is offering a wholesale price (~$0.40 - $0.70 MMBtu). It's how businesses make a profit. Buy material at a low cost, provide value added parts and labor, sell finished goods at a higher price.
Now you can argue that the ~$0.40 - $0.70 MMBtu has offered is totally unfair but that is a different situation than comparing the retail and wholesale values.
Thanks,Bdahl .....I understand your point.
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