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Ann: PGY: Mid West Feasibility Study Update, page-14

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Doggett67

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30/03/22

12:16

Post #: 60517095
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Originally posted by RedRooster2: ↑

Very interesting situation we have here.
I'm still getting my head around all that has happened last 6 weeks, remembering it was possibly Pilot's announcement to cancel its proposed JV agreement with TEG, that broke the previous managements back. But for what its worth at this early stage TEG & Pilot have realigned.

Thinking both company's will want to make the most $$$ from current & expected high oil price. That means maximizing production and continue planning with regard to drilling the potential close targets identified. It was stated that drilling could be done from the platform, but maybe also from onshore ? Or will they not drill these ? Possibly the proposed L7 & EP437 seismic will determine strategy.

I believe the regulator has ruled that the platform cannot be dual purpose, so that, if I'm correct is a telling fact in determining the platforms life and again the seismic is all important in making the next decision.

I'm not aware of TEG managements ultimate intentions in regard to CH future and probably they don't at this point either, it is very much still about possible, probable & planning. I can say from discussions that I did get the impression that there was an attraction or interest in the Carbon Capture aspect, after all these guys are Geoscientists and when you think about it, it is a good fit. Fill up the empty reservoir and make money $$$ and also make government happy and providing they tick the project.
The proposal is to declare CH oil field a "Greenhouse Gas Storage Formation"

Looking like more progress is required on a number of fronts and in particular the proposed seismic before any clearer picture will emerge.
But it is appearing that CH platform "Alpha" operational lifetime could be a key factor in any determination. When the platform does cease operating , does that necessary mean TEG are finished with this tenement ?? It is possible there is still a lot of oil in this area, as has been reported, with a possible drill from onshore?

Likely TEG & Pilot can co exist and continue there pathways, plenty of negotiating and number crunching ahead, but if stacks up and can be confirmed of financial support which BL seems confident of then it's could be go. No doubt there will need to be some give and take by both parties for the project to proceed and I think the Stick point is "Alpha"

As always just my take.
But I remain positive.
.GLAH

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Yes and here is the real reason Altor forced a change in Board - they want to give Pilot the infrastructure assets they need to get their project up. As shareholders we need to watch carefully - a merger would be better than selling off the farm

TEG Price at posting: 1.7¢ Sentiment: Hold Disclosure: Held
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