Extract from March QTRLY pdf - If you take strauss comments below into account Beach are ramping up the pressure on LKO
OTHER EXPLORATION PRL 2, Gippsland Basin, (Beach 10%, earning up to 45% - Lakes Oil Farmin) Work on the Boundary Creek-2 and Wombat-4 wells has been rescheduled in order to complete the DPI approval process and public consultation requirements. Workover and fracture stimulation projects planned for the start of the year are now expected in 2Q
"Beach have a pretty good idea what they have with Wombat and have in my opinion purposely delayed further fraccing at Wombat so they can assess the true value of Wombat without the market becoming aware
Don't believe me? Just look at what they did with ADE, they did the Intitial Fraccing work to get an idea of what was there in PEL 218 then delayed the follow up fraccing and then bang made a $100m offer for ADE which only had a 10% interest in PEL 218
It's been said over and over but there has to be a reason Beach are willing to spend $50m to earn a 50% interest at Wombat "
LKO Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
