Ann: Cooper Basin NTNG and SACB JV Unconventional, page-5

re: Ann: Cooper Basin NTNG and SACB JV Unconv... hlingh, I cannot comment in regards to the DRP.
I think Reg simply had to advise the market (hence its market sensitive categorization) admit that things have not gone according to plan at all and that capex might be affected. I am gobsmacked that they are having so many issues, considering how long them have been sitting on Holdfast-2.

I feel slightly vindicated in regards to lowering my exposure to BPT a while back (even though yes, the SP has moved a fair bit higher), as I have mentioned before, I worried that they had put too much into the Central Basin play. Now that BPT has received all of the cash from Chevron, yet BPT still have 70% of PEL 218, so that means their Capex will now rise (I wonder whether this will be announced to the market, or will BPT slip it into the next quarterly?), as CEOChair so succinctly put, costs are going to rise, whilst no further progress will be made until the end of the year, at the earliest.

I do wonder why it does not state that Chevron has a larger % of PEL 218, since they have paid the money for stage 2?
Perhaps they are happy to wait until the results?

The only positive in the announcement was in regards to the SACB J/V, but then, because Santos is operator, they are keeping pretty quite, and as yet we have not heard if they are having any issues. Then you have DLS, who have just upgraded their rig because of the issues that BPT have been facing with their wells. Will BPT need to upgrade their rigs? Or is is that the fraccing needs more equipment, or simply more testing before used again?

This was never going to be a simply project. Many have been waiting years for these results now. While in the end it is only a delay, I think its a significant one.

Interested to hear others thoughts on what repercussions this will have?