The more I ponder over this picture the more I get impressed.
The JV permits EP368 & EP426 really do have a commanding presence in this map, which clearly defines JV position.
We know management are talking potentially the largest ever Australian onshore conventional gas field.
We know LD1 drilling results.
We know initially 4 more wells to be drilled and appraised and we all have high expectations.
We know we have a massive gas field, and our JV partner is planning to get to production ASAP
We look awesome.
We know that consolidations are looming for the PB.
Now looking at this picture and being aware of the Warrego offers it seems to me that Mitsui/Beach are looking at the permits held by Strike/Warrego &Talon, and I would think this is the reason CE has stated he has interest in what is developing. He knows they are after more gas and land. Whether MIN are interested enough to get involved considering their own vast holdings, we don't know.
Another area in the north (green dot) adjacent to both Waitsia & Lockyer Deep is EP427 & L7 held by Triangle which are currently awaiting seismic results and their management also have high expectations. This area is also in the consolidation picture.
It could be that a third party wants to get in on the action and if that was the case, wouldn't that liven up the party!
My opinion is Japan are extremely interested in PB gas and that makes Mitsui the sleeper at this point.
NWE are safe in their JV until MIN decide otherwise, but I think that will be a ways down the development road.
Just that picture - It leaves me with the impression of us versus them and us is BIG.
My opinion only
GLAH.
