As of July '09, WPL, Total & MIMI (Mitsui & Mitsubishi Alliance frm Japan) own WA-269P.
Also chk'd out some of the wells drilled in WA-269. Apart frm Guildford-1, which had 27m of HC-shows, the other 4 were water wet as they were targetting the deeper triassic Mungaroo sands. All were drilled by WPL (as the operator). MEO are focussed on the 2 Jurassic sands. None of these wells were drilled directly north, i.e, where the Artemis closure is defined by MEO by their seismics. Hence safe to leave the CoS for the 'Trap' at 50%, instead of a higher 70-80% in their GCoS ratings. In their preso's MEO have focused more on correlating the Jurassic sands with Wheatstone.
Should A#1 come in good, then after further appraisal drilling towards the northern or eastern extremity of the structure, MEO may revise their CoS. For now 50% seems 2b ok, as per MEO's independent consultant.
So, WPL & its JV, who hold WA-269 may want to drill a well to the north, in deeper waters, to claim the tip of Artemis. Also worth noting are the upcoming results frm the recent 3D seismics. There's a plethora of seismic vessels offshore WA these days.
Noticed last nite, that first PBR & then Statoil were pulling out of a deepwater block, offshore India. Reason cited was red-tape & we thought MEO were held back by their farminee's board & legal agreements !!
Ah well, can't win them all, one just needs 2b patient & do their research in the meantime.
MEO Price at posting:
38.5¢ Sentiment: Hold Disclosure: Held
