Ha, Ha. What did you expect a brand new CEO to tell his shareholders after the company had previously spent years and millions of THEIR cash in what was one of their their great white hopes??? But, you will see that they kept the old PEL128. Why would they do that?
PEL218 is still in the same Nappamerri Basin and if you check the results from PEL218 (what a disaster that was) and ATP855, ATP855 was FAR superior than any of the PEL218 wells from the same structure. NOTHING to do with the quality of ATP855.
"in the current environment "(THEN) says it all.
27 March 2015.
Beach Energy Limited (ASX: BPT, “Beach”) has been advised by Chevron Exploration Australia 1 Pty Ltd (“Chevron”) that it will not participate in Stage 2 of the Nappamerri Trough Natural Gas (“NTNG”) project. Formal notification from Chevron is expected to follow shortly. Chevron informed Beach that extensive technical evaluation has confirmed a large gas resource and potential for further appraisal. However, at this time the opportunity does not align strategically with Chevron’s global exploration and development portfolio. Chevron’s spending on exploration is being high‐graded and significantly reduced in response to market conditions.
Beach Managing Director, Rob Cole, said “We are grateful to Chevron for their significant contribution to the NTNG project. Beach considers that the Stage 1 program, designed as an exploration phase, achieved its primary technical objectives. We now better understand the geology through the delineation of target zones and identification of additional targets beyond the early REM shale play. We have also proved the ability to fracture stimulate, successfully flowed gas to surface and tested deliverability. We look forward to progressing the NTNGproject at a pace consistent with prevailing market conditions.”
Again, "consistent with prevailing market conditions" and from a different M.D.
Again, nothing to do with the value of ATP855.
ICN Price at posting:
2.3¢ Sentiment: Buy Disclosure: Held
(20min delay)