Ann: Dorado-2 Drilling Update, page-43

Farm-out and getting the PSC signed off by the TL govt is what's next. AC mentioned around 'mid-year June' at the Proactive conf in Sydney (or more like once the dust settles after the Federal Elections).

Signing the treaty & PSC terms will give them the go-ahead to lock in a drill Rig contract to drill BE-1, so the SP should move accordingly. The crest was mapped out back in the day, but was never drilled. Most of the reservoir properties, flowrates, Oil water contact etc r already known from the nearby wells (B1 & B5 twins to the west & B3 to the east) All these 3 wells were flowtested with great results so I hope BE-1 can match these. Finding the (40-50m apprx) bypass oil column in the attic with a flowtest will be their focus.

Unfortunately, we don't have a extended well test (EWT) policy in Oz whereby one could assess the reservoir 'pressure' depletion regime over few months while producing Oil & monitoring the water cut since the field has an Aquifer Drive & relatively low GOR and no gascap. That's the key risk for the field. U wouldn't bother draining the field if oil disappears in less then 12-15 months, so plenty of derisking to b done via the 2 appraisal wells before first flow. Before all that CVN needs to lock in a JV Partner to come onboard.