takeover probablities, page-10

Thanks Lest. Great analysis.

Yes I know PetroFrontier (PTF) is looking for a partner. So it is in my watch. Hess is the biggest candidate for PTF IMO.

Your other analysis very interesting to me too; "This has become a waiting game but I have suspected for some time that bigger things were afoot with PTF as it was rather strange that the wells were closed purely 'on suspicion' of a bad 'wet season'."

I am still working on Hess now. It looks like it has a very smart management with interesting policies. They have money and very big discovery on WA-390P. Both Woodside and Chevron are racing to get the gas from WA-390P. Therefore Hess has a very good advantage. I will give more info about it later. (or anyone can give it here).

I can hear Hess's footsteps all around us!

Hess is an interesting and brave company to take risks on world class projects.

”Hess was awarded a 100% interest in Block WA-390-P in 2007 with a A$500 million work programme bid. This was the largest single work commitment ever in Western Australia's petroleum exploration history at that time. The Company's bid beat 10 other offers for the deepwater block, which is on trend with significant gas discoveries in the Carnarvon basin. Hess bid a work programme comprising 2000 kms of 2D seismic data reprocessing, a new 3D seismic survey of 3135 sq kms and 16 exploration wells.” Source: Click here

Now the trick here is Hess had the business mentality to make the biggest bid just because this permit area was on trend with significant gas discoveries in the Carnarvon basin. And they have been successful.

See the news below on Dec.6 2011): Source: Click here

“Hess, which has had a tremendous strike rate in permit WA-390-P with 13 gas discoveries from 16 wells, is in talks with Pluto operator Woodside Petroleum, the North West Shelf partners and Wheatstone proponent Chevron over a deal to swap gas for equity in an LNG processing.

Analysts expect a decision by Hess in the second half of next year (2012), when the offshore FEED and more appraisal work should have been completed and talks with the LNG partners concluded.

Hess is in the throes of drilling the 20th well in WA-390-P. The well is thought to be Hess' fourth appraisal well.

Hess' success has triggered a fierce battle between Woodside and Chevron over the right to the gas.

MY NOTE: EVERYBODY NEEDS GAS ON NW OF WA

Woodside is desperate for more gas to justify a second LNG train at Pluto to benefit from much-needed economies of scale. However, it has struggled to discover enough of its own gas and has become increasingly reliant on third parties.

Chevron, which is marketing the Wheatstone LNG project as a hub for other Carnarvon Basin resource owners, wants to undermine Woodside's Pluto expansion by striking its own deal with Hess.”

Hess Home: Source: Click here

Source: Hess Australia WP-390P: Click here

PS: Btw, please don't follow me. That's not the right advise. Make more analysis and discuss them please.