no love any more, page-8

Spoke to JP y'day to settle my own nerves more than anything.

Just wanted to get a sense of what they think 814 might hold given the results of late. Obviously he couldn't make any comments beyond what we already know, but he reminded me that the P 50 and 90 figure's are on the website and noted that he didn't think those figures included the Monslatt block becuase at the time those web figures were put up they hadn't done anythig on the block and there are no cores around that area to draw conclusions from.

So on the website , if I am reading it correctly we have
ATP 814P Western Block P90 864 BCF P 50 1,072 BCF P10 1,279 BCF
ATP 814P Mt Hillalong Block P90 1,190 P 50 1,791 P 10 2,676

And then other ...designated with potentially p50 of 815 bcf.

It appears (and everyone please dyor to confirm or refute) that the monslatt block and these recent results are not in these figures and a data set is with the certifiers. Their intention is to step out from the Western flank of the Monslatt block to check the eastern extent of the coals and conduct flow testing to see how these high gas content coals (and shales ) will flow.

Both 814 and 813 are too wet atm to get much done.

It does sound to me like BUL have a solid prospect with 814, ableit a more complex structure than many other csg fields while also containing gas rich seams.

Also asked about the state of the csg industry and lng as he saw it. Comments were along the lines of with oil at under $80 the projects will be tight. Asked what if they don't go forward and the response was BUL have plans to mitigate this.I presume that means either looking at gas generators or offtake agreements.

While I appreciated the candor about the lng projects and accept he would know more about the costs, I still think several will reach FID this year, notably, STO, BG
and AOE..and consolidation is still a strong prospect.

All in all I didn't hear anything to explain why the sp was 23 to 24c not long ago (and undervalued) and 16c now..


Chrs