Morgan Stanley new report

[jft310]

Enjoy.

[jft310]

Flow tests indicate good connectivity across the field and support the
existence of a substantial resource base; new bottom-hole data
provides clearer understanding of minimum volumes (at least 7Tcfe,
depending on train size) adding conviction to sufficiency for a 2-train
LNG development. High flow rates with little pressure drawn-down and
rapid recovery after shut-in disclosed during June’s AGM, indicated the
existence of significant reservoir potential and productivity. Bottom-holeflow
data from the ongoing flow tests at Antelope, which IOC shared today,
provides an even clearer picture(unlikesurface data which can besusceptible
to distortions such as pressurelosses within the wellbore).Thelargeflow rates
and low pressure drops confirm the permeability and deliverability of the
resource.Strong performanceled management to compare Antelopeto the
prolific Arun gas field in Indonesi