sb1 - the problem with the Heron seismic is that it was shot with the objective of targeting the Epanarra back in the day. In terms of Frigate/Elang/Plover, you would think that Eni would want a couple of tie-ins with Blackwood, Evans Shoal and even Chuditch-1 out west. The TWT conversion has caught MEO out here as they may have got a structural high, but it is in a deep-section.
Blackwood is fine. It is a case of whether MEO will upgrade it to the 2-2.5Tcf or whether Eni are right with a 3-4Tcf estimate. This is much shallower which should be cheaper to drill for Eni and likely to have better porosity/permeability.
Best thought to wait another week or so until Eni announce their intention!
MEO Price at posting:
12.5¢ Sentiment: LT Buy Disclosure: Held
