Jingemia producing about 180 Barrels a day, which would bring in around 5,580 bbls a month right? That's a significant uptick on the update in July we had where the monthly productions were 2,278, 2,242 and 1,825 respectively.
Going of the revenue from that update in July we should be bringing in about 25,000 a month isn't that correct? So around 75,000 a quarter on the reported production figures. Not too bad at all and will only improve as J10 and J12 are brought back online.
However, it is clear from the wording that the current revenue from Jingemia is not totally covering overheads, but at least it will be helping a lot.
Xanadu - still working with the department and the minister to get it moving along. Plans in place to drill in 2019 so they must still be at least hopeful of completing seismic this year, which is good.
Lockyer-Deep Drill in EP368 with partner Mineral Resources within 12 months.
Then of course this quote:
Medium Term – 1-3 years* TP/15:
Commence Xanadu Full Field Development EP413:
Drill Arrowsmith-3 with partners Mitsui and Bharat (pending Moratorium lifted)
L14: Consider potential in L14 for future drilling to enhance production
Now I have a sneaking suspicion that the review into fracking will come back with a positive for us, you just need to see the Northern Territory report to realise it will be more or less the same. We will just need to hope the political will is there to allow it, and before we say no Labor government would lift the moratorium we need to acknowledge that is exactly what happened in the NT . Now with the GST being fixed a bit, it provides a bit more incentive for us to develop our natural resources, but I suppose a lot of it will come down to whether the state needs the economic boost that fracking will bring and how much the economics will counter the easy political point of not allowing fracking.
Anyway, interesting times ahead!
NWE Price at posting:
0.3¢ Sentiment: Buy Disclosure: Held
