price!, page-28

I think some of the price drop is a knock on from woodside decisison to delay Browse development. Like it or not some associate Karoon as a Browse play.

Karoon have to sell their field as they can't afford to bring it into production, Woodside was potential purchaser as they needed more gas to change economics to make James Price point a goer.

Delay on JPP means other developments get capital and to market first.

Woodside delay = leave now put money elsewhere. That suits rorters as they can use this to push price down and create increased exit speed.

Drill risk is one some want no part of. Total drilling program mitigates that unless an environmental disaster or accidental push of the red button instead of taking photos of the rig in action.

More likely outcome is we will pipe gas to Darwin as we don't need new gas facilities and won't be able to build them economically or quick enough.

Best way to deal with current action is to buy