"Given WPL's lower threshold for commerciality (relative to other potential farm-inees, by way of its Pluto pre-investment and the significant value it could capture via a gas discovery close to Pluto), we believe the WA-360P opportunity (ie. Artemis farm-in) would likely be on WPL's radar and a farm-in could provide an attractive risk/reward opportunity. We understand a well on Artemis could cost approximately US$30m (21 days drilling). Given WPL suggested it would drill up to 8 wells in the Greater Pluto area earlier this year, has only drilled 1 and plans no further drilling in 3Q CY09, we expect any additional prospect(s) in close proximity to Pluto could provide interesting opportunities with limited downside (a farm-in to Hess's WA-390P would also be interesting if on offer - bearing in mind Hess has 11 remaining commitment wells to drill at 100% equity - however this would likely need to be done as part of a Pluto deal rather than a simple farm-in given Hess has already discovered a major resource in its block). "
