Ann: Pharos-1 Progress Report No 2 , page-11

They shaved off (& saved) a whole lot of time-dollars at NP#1 from their operations. They didn't run a 7" liner, just the 9" csg & then 1468m of 8.5" openhole till TD. Might not b the case at Pharos-1, but then one never knows in this industry.

So 9.5kms NE frm Proteus-ST2 or if u prefer 16.9kms SW from Crown-ST1 they'll have a repeat of Proteus as the trap is thicker at Crwn-ST1.

Refer my post# 9993944 (dt 12Dec'13 for the section line).

Prot-ST2:
- TD 5250m,
- 87m gross thkness at this interval 4920-5250m,
- movable HC's flw'd at 7.3 MMcfd from a 4.125" dia openhole test,
- 12% CO2, 19-22 bbls CGR.

Crown-ST1:
- TD 5301m,
- 125m gross at 4873-4998m, net 61m,
- good gaspressure gradient, condensate bearing samples recovered.
- Prospect derisked, STO's 30% share of 2C resource is 69 mmboe.

Rest of the equity is split between Chevy-INpex.

Pointless for Chevy to hang-in here since they swapped their 16.67% equity in Torosa with Shell for US$500m cash + 2 NW Shelf permits Clio-Acme). They may as well do a swap at WA-274P. Time will tell.

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An important development is the award of WA502P (east of 398P) on 13thMay to STO-Inpex. This block had 3 bids with STO being the winner. (chk this on NEATs interact map function).

WA-502 has the Treasury prospect. STO r currently drilling Lasseter-1.

So will b interesting if they r the eventual winners of our musical chairs comp.

I like the STO angle. They've been thro' this b4 at Bayu-Undan with COP as a 10% partner (Now 11.5%) & forked out their share of USD351m (out of USD3.3bil: $1.8b for liquid stripping & $1.5 for the plant/pipeline) in 2004 & have been generating cash from the products for the last 10yrs.

COP locked in TokyoGas & TEPCO to buy 3mtpa for 17 yrs at US$250/t back then, on top of the rev frm the liquids sale.

Little wonder if they plan to increase capacity at DLNG & run a 850km pipeline frm Poseidon to Wickham after drilling the development wells etc by 2017, this may still b the first cab of the rank, b4 Torosa.

So wonder what the month of June brings.

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Billy,

thanks for picking up the story on Brzl semi-sub Olinda Star. Link to QGOG's website.

http://www.qgog.com.br/static/enu/offshore.asp

Wonder what the AFR will conjure up nxt week. An entire month in suspension, wasn't heard-off during the CSG deal days (QGC, Arrow, ORG_APLNG). So, GLTA for nxt month.