new major shareholder - the plot thickens, page-9

cheers tui. more than i wouldve thought. though it would take an age to certify those targets. im staggered that we have not had any news on pl171 since qgc took it over. no plans, updates, drills, certification ....just nothing.

page 15 of the annual report:
"Deeper Permian Triassic gas is present in the Cherwondah Anticline
as seen from the gas flow of 250,000 cubic feet of gas per day from
North Cherwondah-1. Evaluation of a redrill of the target Triassic gas
sands with a high angle sidetrack and fracture stimulation to
increase gas flow rates, is in progress."

thats it!



then atp 574 is a bit of a puzzle to me. perhaps someone can enlighten me.

VICTORIA PETROLEUM N.L. INTEREST – 30% (Walloon Coals);
30% (Base Walloons to Base Jurassic); 75% (Triassic-Permian)
how does this split workout and what is the reasoning?


then this:

"Activity is resuming in PL 171 with up to six CSG wells planned to
be drilled in 2008 in ATP 574P, by the operator for the Walloon
Coals section, QGC. The aim of this drilling is to prove up an initial
certifiable gross recoverable CSG reserve of up to 50 billion cubic
feet by the end of 2008. The Walloon coals in the permit are
interpreted to have a potential CSG resource in place of up to 1
trillion cubic feet of gas."

to my knowledge, 50bcf hasnt been proven up in this permit. have i missed something? is atp 574 a subset of pl 171 or different altogether. the way it is referred to in the paragraph above when considered with the diagram in the annual report leaves me confused.




btw,
i really do wish they would use a consistent measure of gas. switching from bcf to pj's is distracting.

ftr: 1bcf = 1.05 pj's


obviously the people lining up to buy vpe know their stuff, so the value is there. there are a few questions to be answered though.