I so agree Spec. Look at the southern Canning. Firstly some...

I so agree Spec.

Look at the southern Canning.

Firstly some recent history.

Back in 1985/6 (prior to Native Title) Amoco had the whole Southern Canning under EP's, oil price collapse and Amoco who had a multi well commitment which they then re-negotiated and drilled one well called Pegasus 1, a net benefit to WA.

More recently Hess came into the Southern Canning in 2012, Hess had the whole area leased via SPA-AO applications which they then started to progress into EP's. Major issue is that the mob down there are extremely short sighted and unwilling to be reasonable (poorly advised).

After Hess meeting with the mobs in country, lots of helicopter flights, oil price collapse and Hess withdraws all of there applications.

Huge loss for

1, WA state as an EP application is not a firm commitment. No well drilled just a gravity and magnetic survey flown. Hess could leave in good standing.

2, Huge possible lost to the aboriginal mobs due to zero drilling which was caused by the extremely slow native title process.

Can you imagine if Hess had drilled a well and it was commercial what a net benefit to those Southern Canning mobs.

Also in the Southern Canning we have NSE relinquishing or not renewing there EP's with zero work done.

I suppose we have to wait another 15 years before any company give the Southern Canning a go all because of native title delays.