apache drill decision pending, page-8

ANZ
Yes, both in the interview and my inquiries a coupla weeks ago MP reckons success at Banambu Deep-1 (BD-1) would high grade similar plays in CUE's adjacent permits.

Until yesterday, I didn't realise BD-1 was so close to MOG/CUE/Apache's WA-359-P permit.

The following map posted yesterday on the Nopsema website shows the well location right on the border of WA-389-P and WA-359-P

http://www.nopsema.gov.au/assets/epsummaries/EP-Summary-Banambu-Deep-1-Exploration-Well.pdf

and the following map shows BD-1's extension into WA-359-P (before WPL requested future maps not to show its extension outside of WA-389-P)

BD-1 is expected to cost $50mil.

If Apache decide to drill a similar deep play in WA-359-P, MOG's 15% free carry is worth $50mil x 15% = $7.5mil
MOG's current market cap is only $7.5mil at sp 2.5c

If BD-1 is a duster, I don't think there's much downside for MOG from current levels given their cash, the two contingent resources at Cornea and Judith, and the possibility that Apache will still drill a well at 359 or 409 anyway...