I listened to Mark Paton's presentation (CEO of CUE)on BRR today at the Small to Midcaps Conference and noted his comment toward the end of the speech that success at Banambu Deep could encourage Apache to bring forward their drilling of the adjacent permit. This indicates that Apache has already made the decision to drill in one of the permits.
I also note this extract from CUE's March 1/4ly which also suggests that Apache has made the drill decision as IMO there would be little point in the JV (which includes Apache)applying for the renewal unless the drill decision has been made:- "WA-359-P & WA-409-P Carnarvon Basin Western Australia (30% interest) Operator: Apache Northwest Pty Ltd The current license term is due to expire on the 31 July 2012 and an application to renew the permit has been submitted to the government by the Joint Venture"
ANZ
MOG Price at posting:
2.6¢ Sentiment: Buy Disclosure: Held
