Tui,My point about the Galilee is that BUL went down this road...

Tui,


My point about the Galilee is that BUL went down this road only to move the project onto the back burner and focus back on their knitting in the Bowen. They talked the talk about Kogas and scoping studies for pipes to the coast etc, and while initially the market did like their 20tcf contingent figure, ultimately the diversion cost them in terms of progressing their plans around Moranbah.

I would sooner see WCL and Mitsui save their dollars and buy out MPO next door.

That said, you certainly have a good radar for the long term potential of explorers in this unconventional sector, so I'm definitely not going to say you will be proved wrong! Could just be a very slow burn before we see a return on money spent out there.

What would expedite matters for both WCL and BUL is if AGK can get it together with their Rodney Creek pilots. So far AGK have reported a flow rate of 54 mscf/d and for some reason only 259pj of 3c, but it is still early days. Maybe they are playing it down! My concern is unless their flow rates increase significantly then the markets will conclude the coals are not commercial for csg.

The fact that AGK have shown they are willing to give it a go says something and maybe it is a bit like ESG's Gunnedah experiment which looked dodgy in the early days and then started to pay off five years later.

One thing is for sure WCL are looking toward 2015 when there won't be enough gas around to feed all these LNG trains and that is where the Galilee could be worth something with higher gas prices.

Chrs