Ann: New North West Shelf Project, page-35

Magpie

Get real, you can hardly expect excitement from a market that disregards a new oil province entirely and discounts the cash by 20% to boot.

Regardless last weekend I called the sp low ( as poo low) as passed. I still hold that view.

I am warming to the deal. I can't judge it technically. However it appears we are in at near cost, therefore similar to Quadrant who I am sure have other options for the rig if this didn't stack up to their bean counters. Quadrant, previously Apaches WA team were pretty successful and profit focussed, so I doubt they are merely going through $120/bbl motions.

Add to that the obvious distress in the sector, and that our technical team are WA focussed and have demonstrated that strength.

I'd like a bit more info though, on the targeted resource size, and what the development plan might look like. Water depth, distance to processing, development timeframe etc. Seems to me with an appraisal that might be a fair request?

EL