Upside Potential at LD, page-10

Dont underestimate the upside for LD.

WE (only a few k's to the south) was recently declared as "fill to spill". WE3 had obvious gas (inc pay) in the secondary targets and was massively overpressured above the target Kingia before it was terminated due to drill issues. That tells you there was heaps of gas generated here and the gas will occupy any trap available to it. The seismic NWE showed us for LD had a pretty well defined and consistent reflector at the Kingia level and it appeared to extend at least to the high case mark.
Refer to diagram below. They've circled a strong, consistent, reflector at Top Kingia - it continues to the right of page, and then beyond that small fault - although not as pronounced. They didnt show where the section was taken from, and how it relates to the earlier plan view of the resource, nor have they given us a horizontal of vertical scale, (which is pretty upsetting). So it is unclear as to whether the circled area represents high case, and anything to the right of the fault is fill to spill. But thats the way im looking at it.
The other thing to note is the size of resource is heavily dependent on pressure, thickness and area. Seismic can give you a sense of area, but thickness and pressure need to be deduced from nearby drill intersections. In this regard, id be going on the WE data (obtained in 2021) and not Beharra Springs (which I suspect was the data they used when this model was drawn in 2019). As such, we can expect increased Kingia thickness, which may also lead to an increase in resource.
For the company to do the work to update the model, it will take time and cost $100K. The drill is going to happen soon, so I guess theyre saying, lets wait for reality and save the $100K for when we have actual data.




Using the metric of $1B per TCF and in a maximum, fill to spill scenario, based on the company 2019 data - NWE would easily hit a MC of 400-500M (10c per share current SOI). This is speculative. And I don't have all the info - DYOR and maybe the company could make an announcement clarifying some of these points.

I'm hanging around until after the drill. Ive also been in this for 15 + years and I have loaded up over the years.