Speaking of Surprise, I noticed in the quarterly they said an options review determined further subsurface work is required before a decision on restart.
It's had years to recharge while shut in and oil prices are comparatively very high (especially in AUD) so I think we can safely assume the issue is more than just decline rate. My suspicion is it may have watered out. In any event if it's not economic at these prices it's unlikely even if they do restart it that it'll ever generate much profit.
It's a timely reminder that even a 3 month EPT isn't foolproof. They certified a million bbls 2P from that EPT from memory. I forget how much it actually produced but it was less than 100 kbbls.
I don't expect a surprise (pardon the pun) of that magnitude at PV13 as it's a much bigger structure with decades of proven production, but it's important to remember nothing's certain in geology.
CTP Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
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