Hi StuvaC - The Searcher 3D application is just an environmental...

Hi StuvaC - The Searcher 3D application is just an environmental application to enable a 3D seismic survey to be acquired in the blocks listed. It has 'now been approved and acquisition of a selection of the blocks has commenced. However, it does not mean that acquisition will occur in all of those listed blocks. For example, they won't acquire in the Chevron block where acquisition is already underway by PGS (using Ramform Titan). Searcher are a multi-client middle man that use various seismic vessels (not their own) to supply seismic acquisition and processing services. Prior to any acquisition Searcher will have been seeking funding from all the various Operators of the listed blocks. They won't have permission to acquire in any of the blocks without approval from the Operator as well as Namcor and MME. Moreover, they will likely want a decent percentage of pre-funding for the surveys before they start. Apologies if that is not new info, but I think it helps set the scene for those unaware.

PCL still have time to tack onto the end of the acquisition program being run by Searcher, but time is fast running out. My opinion has not changed; if there are any companies interested in farming in to pay for the 3D, they will need to commence the survey within the next month and it will need to be a small survey (~1,000sqkm) owing to the time taken to acquire and process it and then interpret in time to make a drill-drop decision ahead (?60/90 days) of the expiry in January next year.

My honest opinion is that I think PEL87 has now slipped by due to the time constraints. If companies are indeed still interested in the block they may already be talking to MME about picking it up in a new PEL next year. The PEL may even be split in two (west and eastern halves).

But stranger things have happened...

Just my opinion.