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clock Created with Sketch. 22/02/18
11:50
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Originally posted by Kipper01
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(also from Breakaway Research .... by Stuart Baker)History of reserve and resource upgrades BUL’s key leases in the Bowen basin were the subject of a significant amount of exploration up until 2012, after which capital constraints, lack of market opportunities, and the 2014 oil price crash constrained ongoing work. Between 2007 and 2012, around $75m was invested, predominantly in the Bowen Basin blocks, at Monslatt and Sapphire. Importantly for BUL, activity in surrounding leases owned and operated by Shell, has been ongoing and Shell blocks to the east and west of Blue have had over 300 wells drilled and tested. Due to a data sharing agreement with the independent reserve auditor, Netherland Sewell & Associates (NSAI), data from Shell wells and work conducted by Blue is incorporated into reserve and resource determinations for the Blue acreage. Reserves and resources growth over time are shown in Figure 8.
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This is the diagram that interests me ... BUL's leases are smack bang in the middle of Shell's acreage with continuous geology either side. Shell has "drilled and tested over 300 wells" east and west of BUL's blocks. Kip
