the boy who cried wolf, page-33

A few comments regarding some of the posts:
Tassie Shoal title: MEO has secured a non-sunset Commonwealth EIA approval to use the shoal to construct and operate two 5000 tpd methanol plants. This approval is current until May 2052. While this approval remains afoot, no other party can develop on the shoal without a further EIA process that must also incorporate the impacts of the MEO project. Further, MEO has an application for an Infrastructure License (NTISL1(a))over the submerged lands of the shoal under the Petroleum (Submerged Lands)Act. While other companies can make an overlying application, the MEO project impacts and use of the shoal must be considered. In other words, MEO has good title to the shoal for its approved projects.
Well result hysteria: It has been dissappointing to read many of the posts that clearly demonstrate a general lack of understanding about the upstream industry and exploration risks. To place this in perspective, the Sainampueng-1 and Gurame-1X wells were effectively wildcats with a 1:5 to 1:6 probability of success.
Heron South-1 was also a wildcat, but it had a more fundamental risk, reservoir depth. Shell has developed some excellent data on the Plover Formation in the Bonaparte Basin, and this data clearly shows that porosity and permeability is likely to be absent below 3900m. The image below shows the trend relationship for porosity and depth. You will note Heron-South is off the chart, and while the sands contained gas, it was too tight to flow. This should have been a predicted risk.
On the other hand, take a look at where Blackwood sits. For my money, this remains as the most prospective discovery in NT/P68, and with over 1.5 Tcf of potential CO2 rich gas, it offers the most likely path to initiate the development of the first world scale methanol plant.
MEO will need to reduce some of their expensive staff, as it cannot sustain the cash burn, but sensible management will see this company bounce back, stronger than ever, especially if ENI elects to appraise Blackwood.